ESMA and regulators across the EU are keeping a hawk eye on the mountain of cross border derivative contracts that go beyond Brexit.

According to a top regulator from the European Union, the EU may not have enough time to put in place legislation aimed at avoiding disruption in cross-border derivatives contracts, in case of a cliff hanger moment in Britain’s departure from the bloc.

Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), stated national regulators across the bloc along with ESMA are keeping a hawk eye on how the derivatives market is readying for a potential “cliff-edge” for March 2019.

Britain’s central bank, the Bank of England, has said, the EU and Britain would need to time legislate in order to ensure “continuity” in the stockpile of cross-border derivatives contracts worth $35 trillion (26 trillion pounds) that go beyond March 2019.

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Tags: Brexit, cliff edge, cliff hanger, continuity, contracts, cross-border, derivatives, EU, European Union, legislation, March 2019, national, regulators