Global derivatives industry rolls out Brexit back-up plan

The global derivatives industry has begun work on fundamental changes to cope with a "hard" Brexit by allowing any disputes involving trillions of euros of swaps contracts to be resolved under French and Irish law.The International Association of Swaps and Derivatives Association (ISDA) writes the "master agreement" used as a template for hundreds of thousands of swap contracts bought by companies to hedge against adverse moves in borrowing costs and currencies.Nearly all market participants in