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01 March 2019

Joint trade associations letter on the equivalence of UK trading venues

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The letter requests urgent action by EU authorities to adopt equivalence decisions regarding UK trading venues under EMIR and MIFID in the event of the UK leaving the EU without a deal, explaining the impact on EU27 market participants and European derivatives markets of such a ‘no deal’ scenario.

On February 28, ISDA sent a letter to European Commission Vice-President Dombrovskis, co-signed by FIA (Futures Industry Association), AFME (Association for Financial Markets in Europe), AIMA (Alternative Investment Management Association), Assosim (Association for Financial Market Intermediaries), EBF (European Banking Federation), EFET (European Federation of Energy Traders), ICI-Global (Investment Company Institute), IA (Investment Association) and SIFMA AMG (Securities Industry and Financial Markets Association Asset Management Group).

The Associations remain concerned about the disruptive impact on EU27 market participants and European derivatives markets if the Commission does not take urgent action with respect to the recognition of UK derivatives trading venues under EMIR and MiFIR in a 'no-deal' scenario, i.e., where the UK leaves the EU without concluding a withdrawal agreement providing for a transition period.

It is important that the Commission indicates the approach that it intends to take as soon as possible in order to enable EU27 clients and counterparties to take appropriate action and to reduce uncertainty and to avoid disruption of financial markets.

Full letter


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