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Brexit update: FIA survey and threats to equivalence

The headline level story around Brexit in the UK is around the vote in the UK Parliament next week on the 15 amendments to the “Brexit Bill” proposed by the House of Lords (see here on Sky News). There have also been some developments on the financial side since our last post (see here).

Yesterday, the Futures Industry Association published this report which contains the results of a survey run amongst clearing firms to examine contingency plans int eh event of a “hard Brexit”.  Key points discovered include a desire for clarity and also that in the event that UK based CCPs are no longer recognised under EU financial legislation, some will no longer operate. There is also a desire to see clarity on REMIT and the Emissions Trading Scheme in terms of Brexit.

In terms of equivalence, this article on the Bloomberg web site reports on attempts by the French government to remove some of the access that those in “equivalent” third countries receive. Such a move would have a significant impact on those authorised in the UK.


About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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