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JPMorgan says fears Brexit day upheaval if UK clearing houses cut off

Reuters  |  LONDON 

By Huw JonesLONDON (Reuters) - Financial markets face Brexit day upheaval if clearing houses in Britain are abruptly cut off from continental customers, a senior JPMorgan bank official said on Wednesday.Sally Dewar, international head of regulatory affairs at the U.S. bank, said that without European Union recognition of UK clearers before Britain's departure from the bloc in March 2019, there could be significant market disruption.Under current EU rules, a British clearing house could not obtain this recognition until after Brexit."The lack of recognition could lead to market disruption on ...

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First Published: Wed, November 15 2017. 20:35 IST