More Brexit updates: FCA announcements

The news around Brexit now comes out on an hourly basis (for example see here on Sky News). A “no deal” Brexit remains very possible. As a result, following last week’s announcements (see here), the UK’s Financial Conduct Authority (FCA) has made several of their own, in particular around EMIR and MiFID II: EMIR The … Continue reading

Brexit update – C6 carve out, NRA REMIT letters and more

The political side of Brexit still has not produced a concrete result (for example, see here on Sky News). With three weeks to go until the Brexit date of 29th March 2019, the majority of the market is preparing for a “no deal” scenario. Never the less, some thought is also being put into what … Continue reading

Joint Trade Associations Letter on the Equivalence of UK Trading Venues

On February 28, ISDA sent a letter to European Commission Vice-President Dombrovskis, co-signed by FIA (Futures Industry Association), AFME (Association for Financial Markets in Europe), AIMA (Alternative Investment Management Association), Assosim (Association for Financial Market Intermediaries), EBF (European Banking Federation), EFET (European Federation of Energy Traders), ICI-Global (Investment Company Institute), IA (Investment Association) and SIFMA AMG (Securities Industry and Financial Markets Association Asset Management Group).

The impact of a hard Brexit on the financial services industry

27 FEBRUARY 2019

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.

Brexit update: US/UK agreement, EU recognition and more

The date for Brexit is now just over a month away, on 29th March at 11pm GMT. Politicians however are still deliberating on whether the Withdrawal Agreement will be signed, or whether there will be a “no deal” Brexit (for example, see here on The Guardian news site). There have also been some announcements affecting … Continue reading

ISDA Response to ESMA and EC on Proposed Technical Standards on Brexit-related Novations

ISDA sent a letter to ESMA and the European Commission commenting on the proposed technical standards on Brexit-related novations. ISDA welcomes these standards that seek to give relief from the margining and clearing requirements to OTC derivative contracts that are transferred (novated) from a UK to an EU counterparty.  However, the fact that the relief is contingent on the event of a no-deal Brexit makes it operationally difficult for firms to enter into agreements to novate contracts.

Brexit update – many new documents as the date approaches

While the politics around the Brexit process grow become ever more frantic (for example see here on BBC News), preparations for a possible “no deal Brexit” now need to move into reality mode, given that there are just over 6 weeks until this may occur. Since our last post here, there have been several developments … Continue reading

ISDA Symposium® Developments in Regulatory Compliance, Cross-border & Impact of Brexit, March 7, NY

Join us in New York on Thursday, March 7th for the ISDA Symposium – Developments in Regulatory Compliance, Cross-Border & Impact of Brexit, from 12:45 PM – 4:10 PM, featuring speakers from ISDA, Morgan Stanley, Citigroup, CFTC, Covington & Burling, Dunn & Crutcher, The D.E. Shaw Group, and Linklaters.

Program topics include:

GB Capacity market developments

Following the suspension of Great Britain’s Capacity Market following a ruling by the European Court of Justice (see here) and some interim actions by the UK’s Business, Energy and Industry Strategy  department (BEIS) (see here), the European Commission has lodged an appeal. The appeal is reported here on The Energyst’s web site and also here … Continue reading

Brexit Conferences

With Brexit drawing closer, ISDA will be offering a number of symposiums exploring the implications of Brexit on derivatives markets. Some key issues to be addressed are clearing, contract continuity, use of UK benchmarks and capital requirements. Register Today:

LONDON – February 6
The Impact of Hard Brexit
Agenda | Register