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11 October 2018

Brexit Weekly

ISDA paper on impact of hard Brexit on derivatives, FCA consultation on its approach in case of a no-deal Brexit, BoE warning that £41tn of derivatives are at risk, £9bn pulled from UK company funds since EU referendum, post-Brexit trade at WTO, Brexodus from The City to move 5,000 jobs and more.

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  Articles from 04 October 2018 - 11 October 2018

  Brexit & UK
ISDA: Industry groups set out impact of hard Brexit on derivatives
The paper describes the cliff-edge risks and the European Union regulatory requirements that would apply to derivatives in the event of a ‘no deal’, and the immediate adverse impacts on EU 27 firms and EU 27 clients of UK entities.  View Article
The FCA consults on its approach ahead of the UK’s exit from the EU
The Financial Conduct Authority set out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also laid out its approach to the regulation of Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers.  View Article
Financial Times: BoE warns EU that £41tn of derivatives at risk after Brexit
The Bank of England has issued its starkest warning to date that as much as £41tn of derivatives contracts maturing after Brexit are at risk unless European officials address regulatory uncertainty.  View Article
Financial Times: ECB warns banks to curtail booking trades and loans in UK after Brexit
The European Central Bank has warned banks they have a maximum of three years after Brexit to curtail their use of a “back-to-back” booking model that makes it easier to keep staff and capital in the UK.  View Article
Financial Times: £9bn pulled from UK company funds since Brexit vote
UK investors have pulled nearly £9bn from funds investing in British companies since the Brexit referendum, as uncertainty surrounds the terms of the country’s impending exit from the EU.   View Article
Financial Times: No-deal Brexit has big implications for Europe’s derivatives market
About £38tn of swaps contracts could be forced to move venues in just three months, warns John Dizard.  View Article
Bloomberg: Brexit financial-market threat leads EU Watchdogs to step up
After months listening to the UK warn about the risks posed by a no-deal Brexit, European Union financial regulators are now stepping up plans to avert a market meltdown.  View Article
Bloomberg: Countries reject EU-UK plan to shape post-Brexit trade at WTO
More than a dozen countries said they opposed the European Union’s proposal to modify its World Trade Organization commitments to account for Britain’s forthcoming departure from the bloc.  View Article
Commercial Risk Europe: Lloyd’s accelerates Brexit plan as Beale says ‘no deal’ more likely
Lloyd’s is stepping up implementation of its Brexit contingency plan as the threat of no deal rises, CEO Dame Inga Beale said. Ahead of her departure from Lloyd’s this week, Ms Beale said Lloyd’s is “accelerating” plans for its new European subsidiary in Brussels, which will begin underwriting European risks from 1 January.  View Article
Bloomberg: US threatens to block UK from global procurement pact
The US is threatening to block the UK from a 46-nation public procurement agreement, a move that would deny British companies from accessing a near $2 trillion marketplace after leaving the European Union, according to two officials with knowledge of the situation.  View Article
Deloitte CFO Survey: CFOs’ Brexit concerns at record high
Concerns about the effects of Brexit on the UK business environment have increased, according to Deloitte’s latest CFO Survey.  View Article
Financial Times: European banks worry about clearing in no-deal Brexit
European banks are growing fearful of losing access to clearing for critical derivatives markets such as Brent oil futures and commodities in a no-deal Brexit, putting pressure on regulators to work out a transition period.  View Article
Bloomberg: Brexit uncertainty could end for London’s CLO managers with Q&A
London’s CLO managers are set to get clarity from regulators about how skin-in-the-game rules will work after Brexit.  View Article
BBC: UK expects to lose 5,000 City jobs through Brexit
The UK government expects thousands of financial services jobs to have moved to the European Union by the time of the UK's exit from the bloc.  View Article
Financial Times: Nomura looks to Paris as post-Brexit EU lending hub
Nomura is in advanced talks with regulators about using Paris as its post-Brexit European lending hub, in another boost to the French capital’s bid to become the continent’s pre-eminent banking centre.   View Article
Remarks by President Donald Tusk after his meeting with Taoiseach Leo Varadkar
The Council President asked the UK for practical and realistic solutions to minimise the impact of Brexit. Tusk also said that the EU's offer from the beginning was a "Canada+++ deal," and demanded respect from Britain negotiators, in light of the recent comparison of the EU with the USSR.  View Article
Bloomberg: EU ready to offer UK ‘super-charged’ free-trade deal
The European Union is set to offer the UK a free-trade deal deeper than any agreement that’s gone before, but will reject Prime Minister Theresa May’s demand for “frictionless trade," according to EU diplomats.  View Article
Financial Times: UK would be welcomed to TPP ‘with open arms’, says Shinzo Abe
Japan would welcome Britain to the Trans-Pacific Partnership trade deal “with open arms”, said Prime Minister Shinzo Abe, as he urged a compromise to avoid a no-deal Brexit.  View Article
Bloomberg: Liam Fox would back less-than-perfect deal to get Brexit done
Britain’s international trade secretary said he will back an imperfect Brexit deal with the European Union, on the basis it can be revised and improved after the UK has left the bloc.  View Article
Bloomberg: German industry warns of ‘massive crisis’ from no-deal Brexit
German industry warned that Europe risks sinking into chaos and trade will collapse if UK and European Union leaders fail to resolve their differences on the future of Britain’s relationship with the bloc, stepping up pressure amid a final push for a deal.  View Article
Financial Times: EU has refined planned backstop solution for UK and Irish border: Barnier
The EU’s Brexit negotiator has set out his plans for “dedramatising” negotiations with the UK on the Irish border, insisting Brussels’ proposals would minimise any burdens for businesses and that he is open to the idea of a customs union with Britain.  View Article
ACCA: CBI Director says a no-deal Brexit is not an option for NI
A ‘no-deal’ Brexit is simply not an option for businesses in Northern Ireland if the region is to remain viable and competitive according to Director of CBI, NI, Angela McGowan.  View Article
Financial Times: Raab vows to curtail keeping UK in customs union
Britain will not sign up to any Brexit deal that leaves it locked in the EU customs union indefinitely and unable to strike its own trade deals, Dominic Raab, Brexit secretary, has told MPs.  View Article
Financial Times: Ireland backs Theresa May’s plan for all-UK customs union with EU
Ireland has boosted Theresa May’s hopes of breaking the impasse in Brexit talks by backing her emerging plan for an all-UK customs union with the EU.  View Article
Bloomberg: May plans to rush Brexit deal through Parliament
Prime Minister Theresa May’s officials are drawing up plans to rush her Brexit deal through Parliament in an attempt to head off a rebellion from her own party, according to people familiar with the matter.  View Article
Financial Times: Up to 30 Labour MPs consider voting for Theresa May’s Brexit deal
Up to 30 Labour MPs are considering defying their party leadership and voting for Theresa May’s Brexit deal — or abstaining — because they fear the economic consequences of the UK leaving the EU with no agreement.   View Article
The Times: Brexiteers set limit for Theresa May’s trade deal with EU
Brexiteers warned Theresa May that she could keep Britain within EU customs arrangements only until 2022 as negotiations with the bloc entered a vital week.  View Article
BBC: Brexit: SNP would back 'People's Vote' calls, says Sturgeon
SNP MPs would back a new Brexit referendum if it were put to them, party leader Nicola Sturgeon has said.  View Article
UCL European Institute: A Brexit referendum is clearly possible, but contingency planning must start now
A referendum on Brexit is clearly possible, but the details matter. Various processes must be put in place to ensure the referendum is legitimate, according to a new report by the UCL Constitution Unit.  View Article

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