Brexit

The exit of Britain from the EU

FCA confirms proposals in the event of a no-deal Brexit

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The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period.  As most of the changes proposed will be made under powers given to the FCA under the EU (Withdrawal) Act, they are subject to approval by the Treasury. 

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The impact of a hard Brexit on the financial services industry

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27 FEBRUARY 2019
BY MICHAEL ROBERTSON

With little over a month until the UK is scheduled to leave the European Union, JDX continues to monitor some of the key challenges which could impact financial services companies in the event of a ‘no-deal’ Brexit.

Many firms will have assessed their readiness for Brexit on the basis of having a transitionary period after 29 March, but we now have to strongly consider a cliff-edge outcome where the UK effectively crashes out of the EU with no formal agreements in place around key areas such as financial services.

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How The Brexit Stole Thanksgiving!

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Brexit adds to the burden

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Brexit adds to the burden

Aka – Not another bloody Brexit article

Aka – A look at the Consultation Paper on changes to the FCA handbook

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UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards

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Consultation Paper 26/18

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Update to firms on the Bank’s regulatory approach, and firm preparations, for EU withdrawal

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Letter to CEOs of PRA-regulated firms from Sam Woods (PRA CEO and Deputy Governor for Prudential Regulation)

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Industry Groups Set Out Impact of Hard Brexit on Derivatives

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ISDA, the Association of German Banks (Bundesverband deutscher Banken), the Italian Financial Markets Intermediaries Association (Associazione Intermediari Mercati Finanziari), the Banking and Payments Federation Ireland (BPFI), the Danish Securities Dealers Association (Børsmæglerforening Danmark), the Dutch Banking Association (Nederlandse Vereniging van Banken) and the Swedish Securities Dealers Association (Svenska Fondhandlareföreningen) have jointly published a paper that warns of the disruptive impact of a ‘hard’ Brexit on derivatives markets.

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European banks mull leaving UK derivatives market | CCP Notice to Close Out Coming?

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Rising concern among executives about access to clearing houses after Brexit


Bill: Epic consequences for UK CCPs in late November or early December if there is no Brexit deal enabling clearing into the UK. Worth a read.

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Brexit white paper and what it means for financial services

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24 AUGUST 2018
BY LUCA MATTINSON

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Two big UK banks shift some euro clearing from London to Frankfurt

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Without giving away the story in the FT - it seems that the Eurex scheme to provide incentives to clear Swaps in Frankfurt is beginning to bear fruit. Subscription needed, follow the link below.

Shift gives Germany’s Deutsche Börse larger foothold in the euro clearing market

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