AFME published a short briefing paper outlining remaining risks for the financial services sector in the event of a no-deal Brexit.
While a substantial amount of work has already been undertaken by both banks and regulators to mitigate risks, a no-deal Brexit is likely to have a significant impact on the financial services sector. The paper therefore highlights the remaining no-deal risks and areas where further work is needed to minimise disruption to markets and clients.
Oliver Moullin, Managing Director, Brexit at AFME, said: “In light of the ongoing political uncertainty, banks are continuing to implement their contingency plans for a no-deal Brexit scenario. However, there are remaining risks from a regulatory and operational perspective where further clarity is still needed to minimise disruption to markets and businesses across Europe.
“These include issues such as the trading obligations for shares and derivatives, clarifying contingency measures and providing clarity on the renewal of equivalence for UK CCPs. We hope that regulators in the EU27 and UK continue to work together to address these.”
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