France urges financial firms to finalize plans for Brexit risks

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FILE PHOTO: A woman wearing a protective mask walks through the financial and business district of La Défense, near Paris, France, August 17, 2020. REUTERS / Gonzalo Fuentes

PARIS (Reuters) – French financial firms must finalize preparations for ending UK transitional agreements for Brexit and in particular find solutions for securities clearing, the French Financial Stability Board said on Thursday.

Britain left the European Union in January and the transitional agreements that still allow her unhindered access to the bloc end on December 31.

The High Council for Financial Stability, chaired by the Minister of Finance and including the Governor of the Central Bank, highlighted in particular the risks associated with clearing euro-denominated assets in London, which could only be overcome by means of term by moving these operations to the EU.

Reporting by Leigh Thomas; Edited by Hugh Lawson

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