The Bank of England has warned the European Union it is running short on time to mitigate disruption in trillions worth of complex financial contracts in the event of a "no deal Brexit", reports AP. The bank says the EU must act to protect against disruption to financial derivatives and insurance contracts as well as the transfer of personal data. It estimates that unless continuity to existing rules is created, some 41 trillion pounds ($53 trillion) in derivatives contracts face legal uncertainty after Brexit on March 29.