France urges financial firms to finalise plans for Brexit risks

Coronavirus disease (COVID-19) outbreak in Paris
FILE PHOTO: A woman wearing a protective mask walks at the financial and business district of La Defense, near Paris, France August 17, 2020. REUTERS/Gonzalo Fuentes

September 17, 2020

PARIS (Reuters) – French financial firms need to finalise preparations for the end of Britain’s Brexit transition arrangements and in particular find solutions for securities clearing, France’s financial stability council said on Thursday.

Britain left the European Union in January and transition arrangements that still allow it unfettered access to the bloc end on Dec. 31.

The High Council for Financial Stability, which is headed by the finance minister and includes the central bank governor, stressed in particular risks related to clearing euro-denominated assets in London, which could only be overcome in the medium term by moving such operations to the EU.

(Reporting by Leigh Thomas; Editing by Hugh Lawson)