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Brexit

Brexit update: “No-deal” information

The latest news on Brexit is that a new deal has been negotiated (see here on the Sky News web site). However, with a “no-deal” exit still possible on 31st October, it is still necessary to be as prepared as possible for such an outcome.

The FCA has promised in this statement that in the event of a no-deal Brexit, it will take a “proportionate and pragmatic approach to supervising reporting around exit day”. Those UK entities who are required to report under the MiFID II Transaction Reporting rules will have to transition to a new scheme.

The UK Government’s Department for Business, Energy and Industrial Strategy (BEIS)  has updated their advice on electricity trading arrangements in the event of a no-deal Brexit. The update can be found here. This article on the S&P Global Platts web site describes the changes. This article on the Reuters web site summarises the issues for the UK energy market in the event of a no-deal Brexit.

Saturday sees a vote in the UK Parliament on the newly proposed deal. In the event that the vote does not pass, no-deal preparations may need to be stepped up.

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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