LCH dominates the clearing of over-the-counter interest rate swaps, with 13 5 / 11  BIS central bankers' speeches  over 95 per cent of the market13, and regularly clears in excess of $ trillion notional per day.
If UK CCPs are not recognised under EU regulations after Brexit, firms engaging in, for example, interest-rate swap transactions would be unable to clear them in the UK. This issue is compounded by the lack of sufficient substitute capacity elsewhere.