Brexit – equivalence of UK derivatives trading venues under EMIR and MiFIR
Summary
FIA, the International Swaps and Derivatives Association, the Alternative Investment Management Association, the Association for Financial Markets in Europe, Associazione Intermediari Mercati Finanziari – ASSOSIM, the European Banking Federation, the European Federation of Energy Traders, ICI Global, the Investment Association and the Securities Industry and Financial Markets Association’s Asset Management Group welcomed the European Commission’s Communication of 19 December 2018 on preparing for the withdrawal of the UK from the EU and, more specifically, the contingency measures taken by the European Commission to safeguard financial stability if the UK leaves the EU without concluding a withdrawal agreement providing for a transition period.
Excerpt
Vice-President Valdis Dombrovskis
Directorate-General for Financial Stability, Financial Services and Capital Markets
Union European Commission
1049 Bruxelles/Brussels Belgium
28 February 2019
Dear Vice-President Dombrovskis
Brexit – equivalence of UK derivatives trading venues under EMIR and MiFIR
FIA, the International Swaps and Derivatives Association, the Alternative Investment Management Association, the Association for Financial Markets in Europe, Associazione Intermediari Mercati Finanziari – ASSOSIM, the European Banking Federation, the European Federation of Energy Traders, ICI Global, the Investment Association and the Securities Industry and Financial Markets Association’s Asset Management Group (the Associations) welcomed the European Commission’s Communication of 19 December 2018 on preparing for the withdrawal of the UK from the EU and, more specifically, the contingency measures taken by the European Commission (the Commission) to safeguard financial stability if the UK leaves the EU without concluding a withdrawal agreement providing for a transition period.
In particular, the Associations welcomed the Commission’s adoption of temporary equivalence decisions with respect to UK central counterparties (CCPs) and central securities depositories and the measures to facilitate novations of derivatives transactions from UK to EU27 counterparties.