Setting a good example

Meanwhile in another part of Europe, time is running out for Swiss equivalence. The one year period previously granted in December 2017 is set to expire on 31st December. Switzerland needs equivalent third-country status in order to preserve the status quo and allow EU trading participants bound by MIFID to continue accessing the Swiss market locally in the EU. The Swiss government’s... Read More

Beyond the obvious choice

Many trading firms are looking towards multi-entity setups to prepare for Brexit. The larger firms tend to have subsidiaries or branches in place, so they already have a flexible hedge against any Brexit scenario. Unfortunately, this can be an expensive contingency plan. What if a firm can’t justify the additional costs either due to limited exposure to the EU/UK or because... Read More

FCA Brexit consultation offers alternative to noisy political debate

You might be excused for thinking that given the remaining Brexit uncertainty, contingency planning is something for policy wonks and lawyers. But this oversimplifies the situation, in particular since the FCA published two consultations on Brexit last week offering an unsentimental and technical analysis. The regulator provides some detailed guidance on selected issues where IT... Read More

Time to change your default settings?

London has long been seen as the European capital for financial markets. This has very little to do with regulation – after all, the UK is (still) part of the EU single market. London’s continuing dominance is largely down to ‘network effects’, i.e. the positive benefits of being part of an established ecosystem (in London even the cabbies discuss the impact... Read More

Joining the fray

It was always clear that Brexit was going to be an inherently complex undertaking that the industry must muddle through somehow. By now we’re all quite used to politicians of every stripe selling us their promises and claims, ranging from the more realistic to the less credible. What’s different this week is that the regulatory authorities have now waded in to the argument.... Read More

The hard reality of Brexit

Whichever type of Brexit you hope for, there remains the possibility of a UK withdrawal from the EU in March next year with no agreement in place, and no transition period. The European Banking Authority has this week voiced its concerns about what it sees as a lack of preparation on the part of financial institutions for such a scenario. But in fact some banks and brokers are... Read More

Brexit fragmentation

MiFID brought market fragmentation to Europe back in 2007. In broad strokes incumbent exchanges lost market share to newcomer MTFs predominantly located in the UK. For UK stocks this meant that the fragmentation occurred within their home country, whereas EU27 stocks moved partly to London. But how will that change with Brexit? Will markets bifurcate? Will volume return to continental... Read More

Bracing for Brexit

There are very few things we can be certain of in regard to Brexit, other than the fact that it won’t be concluded in 2018. It would be premature, though, to dismiss Brexit as topic solely for the policy makers sitting in their ivory tower far removed from the technology and operations that keep financial markets running smoothly on a daily basis. UK regulators have already asked... Read More

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