ESMA has refused to relax rules around swap trading by EU banks operating in the United Kingdom. The hope was from, January the banks would continue under UK rules, this however will not be the case and they will need to toe the line.

ESMA had hit back at UK regulators saying it is their fault in their outline of a derivative trading obligation.

The FT notes that “Brussels has so far refused to provide any reassurance to the UK about what market-access rights it might be prepared to offer.”

Looks to be a Happy New Year indeed