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Britain and EU conclude temporary inductions

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The EU and UK flags fly during a meeting between British Prime Minister Theresa May and German Chancellor Angela Merkel at the Chancellery in Berlin, Germany on April 9, 2019. (Photo by Emmanuele Contini/NurPhoto via Getty Images)

The Bank of England and the European Union’s securities watchdog said on Monday they have agreed on the information-sharing arrangements needed for the bloc’s banks to continue using clearing houses in London from January to June 2022.

Britain’s unfettered access to the bloc ends on Dec. 31, and Brussels had already decided it would grant temporary access for UK clearing houses for 18 months.

An updated cross-border regulatory accord between the BoE and the European Securities and Markets Authority (ESMA) was also needed to implement the decision.

ESMA said the temporary access will apply to three clearing houses in Britain: the London Stock Exchange’s LCH, energy and agricultural futures and options clearer ICE Clear Europe, and LME Clear, which clears trades on the London Metal Exchange.

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