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Brexit

Updated “hard Brexit” documents issued

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 data readiness plan (here).
  • A document on “other issues”, which includes an updated statement on the application of the “REMIT carve out”, a statement on the application of position limits of contracts on UK venues and also the MiFID post trade transparency requirements of OTC transactions entered into between EU Investment Firms and UK firms (here).

The FCA published Market Watch 61, which reviews arrangements for reporting during the possible cut over as well as the local transparency regime (here).

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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