EU banks are in the clear over Brexit as they will be able to carry on using London
| City & Finance Reporter for the Daily Mail
2/19/2019 2:12 AM EST
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Major banks on the Continent will be able to carry on using London for £60 trillion of crucial trading activity even if there is a No Deal Brexit.
Large lenders inside the European Union have been given permission by Brussels to continue accessing so-called clearing houses in the City for a year after we leave.
Clearing - Houses - Banks - Derivatives - Lending
These clearing houses allow banks to trade complicated derivatives which underpin vital lending to households and businesses.
Banks based inside the EU are legally only allowed to use clearing houses within the bloc...
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