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Financial markets face Brexit day upheaval if clearing houses in Britain are abruptly cut off from continental customers, a JPMorgan bank official said Wednesday. Sally Dewar, international head of regulatory affairs at the U.S. bank, said that without European Union recognition of U.K. clearers before Britain's departure from the bloc in March 2019, there could be significant market disruption.Dewar and Adams – both former U.K. regulators – signaled differences over this, reflecting how JPMorgan will have significant business in the EU27 after Brexit, while Prudential is more focused on Britain and Asia.Dewar said Britain should not diverge too much from EU rules otherwise it would undermine its ability to reach agreement with the EU on financial services trade.
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