Regulatory control of derivatives clearing will be of paramount importance in a post-Brexit world – for financial markets, but also elsewhere. But it is questions surrounding future trade relations, mutual financial obligations and the rights of EU
citizens going forward which are driving the public debate on Brexit. The future oversight of derivatives clearing by central counterparties (CCPs
) is undeservedly struggling to attract the attention it merits. And yet keeping tabs on the risks that CCPs
might pose to the stability of the European financial system, and thus to each and every one of us, is a major issue.