Dutch bank ABN Amro has decided to launch a London unit of its clearing business to maintain access to the UK market in the event of a no-deal Brexit.
The bank has initiated discussions with UK authorities over licenses for a subsidiary in the City as a contingency plan following mounting concerns over Theresa May’s draft withdrawal agreement.
The business will operate alongside the London branch of ABN Amro Clearing Bank. However a license would ensure it has access to UK exchanges and CCPs.
The move follows that of Swedish bank Handelsbanken, which secured a UK license earlier this month ahead of Brexit in March.
The European Union has said that European firms will be able to use UK clearing houses for a limited timed in the event of a no-deal Brexit.
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