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Derivatives reforms threaten to realise London's Brexit fears

When it came to disentangling the UK from the European Union, financial services was always going to be a flashpoint. The first shots were fired last week in the guise of reforms to the EU's framework regulation on derivatives – 'EMIR'. Alongside a fairly innocuous legislative proposal, the Commission published a Communication outlining several options for a second proposal in June, which will go to the heart of the question over London's role in the European financial system after Brexit.

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