City watchdog relaxes trading rules hours before Brexit

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FCA’s adjustment will allow firms on both sides of Channel to deal in derivatives worth billions daily

The last-minute adjustment came hours before the UK’s departure from the EU’s single market at 11pm GMT on New Year’s Eve. The move will allow banks and financial companies to trade derivatives known as swaps, which are contracts that allow companies to protect themselves against risks such as movements in interest or currency exchange rates.

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