There have been several Brexit related announcements in the last days, from each “side”, which are of interest to those in energy and commodities. Rishi Sunak, the UK Chancellor of the Exchequer made a speech at the same time as HM Treasury released a statement on different aspects of financial markets after the Brexit transitional period ends on 31st December. Amongst the announcements was one that recognised European Regulated Markets as “equivalent” in terms of EMIR for the calculation of the clearing threshold (this would apply to UK firms performing the calculation) The speech can be found here and the Treasury announcement here. A European Commission spokesman has stated that a reciprocal response will not be accelerated. A lack of equivalence from an EU perspective will impact any EU 27 market participant performing the threshold calculation. An FT article reporting the response can be found here. Last week, the FCA announced that aspects of MIFID II such as the pre trade transparency rules may be relaxed in the absence of reciprocity. The announcement, discussed here, related to the Share Trading Obligation This week ESMA issued an updated version of the statement they issued last year on the handling of EU/UK… continue reading
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Source: CTRM Center