BoE clashes with European Commission on Brexit transition

For its part, the UK government has promised legislation on a "temporary permissions regime", which enable UK customers of UK firms to continue using those services post-Brexit, without the need for financial services providers to transfer contracts to the EU. In its bi-annual Financial Stability Report (FSR), the central bank said the commission had failed in "not indicat[ing] a solution analogous to a [UK] temporary permissions regime", according to Bloomberg. An estimated £29trn of derivatives contracts are also currently at stake as a result of Brexit uncertainty. The BoE said act...