Brexit

Joint Trade Associations Letter on CCP Recognition and Equivalence

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On November 12, ISDA, along with 13 other trade associations, wrote to the European Commission to ask them to  extend the temporary equivalence until the date 18 months after entry into force of the relevant Commission delegated acts under EMIR 2.2, plus an additional three month period to allow UK CCPs to serve termination notices to EU clearing members in the event that their recognition is withdrawn following ESMA’s review.

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Trade Organizations call for Extension of Temporary Equivalence and Recognition of UK CCPs

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ISDA and 13 other financial services trade associations have today written to European Commission Vice President Valdis Dombrovskis to highlight the need for an urgent extension to the temporary equivalence determination for UK central counterparties (CCPs). Without such an extension, EU clearing members would not be able to continue as direct members of UK CCPs in the event of a no-deal Brexit, and EU counterparties would not be able to clear derivatives subject to the clearing obligation on those CCPs.

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Brexit update: “No-deal” information

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The latest news on Brexit is that a new deal has been negotiated (see here on the Sky News web site). However, with a “no-deal” exit still possible on 31st October, it is still necessary to be as prepared as possible for such an outcome. The FCA has promised in this statement that in the … Continue reading

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No-deal Brexit FAQs

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A ‘no-deal’ Brexit (also known as a ‘hard’ Brexit) is the situation where the UK leaves the EU with no transitional arrangements (agreed between the UK and EU, as opposed to unilateral contingency measures) and without a trade arrangement or other deal with the EU.

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“No-deal Brexit” REMIT update published by Utility Regulator

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The Utility Regulator,  the National Regulatory Authority(NRA) for Northern Ireland, has published this updated note which provides guidance to affected entities as to whether and how to re-register under REMIT in the event of a No-deal Brexit. This follows information published by ESMA and the FCA earlier this week (see here). In the event of … Continue reading

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Updated “hard Brexit” documents issued

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ESMA and the FCA each yesterday issued updated documents relating to a potential “hard Brexit” on the 31st October: ESMA issued: A public statement summarising the situation (here). A document on the use of UK data in different regulatory calculations which includes the use of UK data in the Ancillary Activity test (here). An operational … Continue reading

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The Case for Coordination

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‘DTO’ is not an acronym that may be familiar to all, but it’s a topic that has been climbing the agenda in the EU and UK as October 31 – the possible date for Brexit – nears. With the risk of a disruption in trading activity and split in liquidity, market participants and some regulators are thinking hard about the options.

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Bailey’s freshest tips for the Brexit Break-Up

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Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing of Memoranda of Understanding with EU markets and the passing of over 50 statutory instruments to on-shore EU legislation by the deadline.

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Brexit update: Recent developments

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While the mainstream news is primarily focused on the political side of Brexit (for example, see here on the BBC New web site), there have been a few developments that are relevant for the energy and commodity trading sector. Over the past days, the UK’s Financial Conduct Authority (FCA) has announced here that firms are … Continue reading

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