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BoE Chief Urges EU Lawmakers To Address Delay In Amending OTC Contract Rules

Germany and France have not amended their rules related to over-the-counter derivatives contracts, which could result in unnecessary stress to the European financial system after Brexit, Bank of England Governor Mark Carney told the Central Banking website.

Carney urged EU lawmakers to address the matter before October 31.

However, BoE Governor noted that EU has already resolved a major threat, related to cleared derivatives.

"The European authorities have taken measures for temporary permissions for large financial market infrastructures, which is hugely important," he said

"For bilateral, uncleared contracts, national legislation has taken care of this in some jurisdictions in Europe, but in a number of the big ones - Germany and France are the most obvious - they have not addressed it," Carney added.

Carney also questioned the wisdom of increasing operational risks in the event of a no-deal Brexit.

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