Phil Davis

EU member governments have agreed to grant derivatives traders a one-year equivalence period to access UK market infrastructure in the event of a no-deal Brexit. Financial Times (subscription required) (12 Dec.)

Conservative Party members of the UK Parliament have voted 200-117 to signal confidence in Prime Minister Theresa May, defeating an effort by critics to remove her over her handling of Brexit negotiations. However, having that many members of May's party voting against her indicates the serious challenges she faces in getting her Brexit deal through Parliament. Politico (13 Dec.)

Several major private equity companies are lobbying Congress for legislation that would relax highly complex rules that keep mutual funds and other large money managers from investing in business development companies. They say the rules overstate BDCs' operating costs, leading some funds to avoid them. BloombergQuint (India) (12 Dec.)