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Brexit

No Brexit today – but several updates

Today was to be the day on which Brexit finally occurred. However, the switch is delayed to the 12th April, 22nd May, or perhaps some other date. The politics around the process continue to evolve (for example see here on the BBC News web site). In the meantime there has been some relevant activity to be aware of since our last post here.

Earlier this week, the UK government’s department for Business, Energy  and Industrial Strategy (BEIS) updated their notices on arrangements for the trading of electricity and gas in the event of a “no deal” Brexit. The notices can be found here and here. The notices provide updates on REMIT (much of which was already known from previous notices) as well as updates on the use of inter connectors and the operation of the Irtish ISEM market, in the event of a no deal Brexit.

Earlier this week, the inter connector NEMO postponed a set of explicit cross border capacity auctions due to the uncertainty around Brexit. Details are further outlined in this report on the Argus web site.

ESMA has also yesterday published this update reflecting the date change and updating on previously issued statements. Last week, ESMA published this data operational plan in readiness for a no deal scenario. Several EMIR Trade Repository approvals have also been forthcoming. For example, this announcement relates to approvals around EU EMIR and UK EMIR on the part of Unavista.

Overall, the news will likely continue, with a vote being scheduled today in the UK Parliament on “half” of the Withdrawal Agreement (see here on Sky News). As events are likely to unfold on an almost hourly basis, it is worth keeping a close eye on the news to see what the latest status is.

 

 

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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