Time running out for EU Brexit temporary permissions regime

Fears are growing that UK central counterparties (CCPs) may force their European Union clearing members to remove more than £38 trillion ($49 trillion) notional of existing positions if the European Commission does not provide guarantees within the next four months on temporary recognition for UK clearing houses after Brexit. Such a porting of positions is a mammoth task that market participants say will be hugely challenging to complete between now and March 2019.

The prospect of the UK