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FCA’s Bailey Says Brexit Transitional Deal Needed by End of March

FCA’s Bailey Says Brexit Transitional Deal Needed by End of March

The head of the U.K. Financial Conduct Authority added urgency to Brexit negotiations by saying European governments must reach a transitional agreement for financial services by the end of March to avoid the risks presented by EU departure.

Financial contracts between the U.K. and E.U. worth up to a notional 26 trillion pounds ($36.4 trillion) — particularly those related to derivatives and insurance — may no longer be “serviceable” should an agreement not be in place, FCA Chief Executive Officer Andrew Bailey said Monday in a speech. He warned the effects would be felt in the EU as much as they would in the U.K.

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