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01 November 2018

Brexit Weekly

EU pledges access to UK clearing houses in no-deal Brexit, Draghi says banks can protect themselves, changes to PRA rulebook, banks' access after Brexit, Australia’s banks begin relocating, Raab says he expects Brexit deal by November 21 and more.

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  Articles from 25 October 2018 - 01 November 2018

  Brexit & UK
Financial Times: EU pledges access to UK clearing houses in no-deal Brexit
Brussels has responded to financial industry calls for continued access to London’s capital markets by providing reassurance that EU groups will temporarily be able to use crucial derivatives clearing services in the UK even after a no-deal Brexit.  View Article
Financial Times: No ‘white knight’ for banks in no-deal Brexit, EU regulator warns
Elke König, the head of the eurozone’s Single Resolution Board, told the Financial Times in an interview that banks should not expect any leeway in meeting a key regulatory standard set by the agency.  View Article
Financial Times: Eurex to broaden clearing battle with UK’s LCH
Deutsche Börse’s derivatives exchange is to broaden its battle in clearing with the UK’s LCH by extending its scheme to share profits with users to foreign exchange swaps and repo markets.  View Article
Fed Trust: Hard Brexit: Passport to Nowhere for British Services
Dr. Andrew Black alerts that losses of passporting rights will negatively affect the financial sector, and could lead to a slump of around £20 billion a year in tax revenue, seriously complicating the government’s policies regarding financial and fiscal stability.  View Article
Bloomberg: Draghi says banks can protect themselves against no-deal Brexit
The onus is on private-sector banks to take adequate steps to protect themselves against the worst effects of a no-deal Brexit in a timely fashion, according to Mario Draghi.  View Article
Bank of England: UK withdrawal from the EU: Changes to PRA rulebook and onshored Binding Technical Standards
This consultation paper sets out the PRA’s proposals to fix deficiencies arising from the UK’s withdrawal from the EU in the PRA Rulebook, and in relation to Binding Technical Standards within the PRA’s remit that will be converted, or ‘onshored’, into UK law.   View Article
Bloomberg: UK and EU agree on banks' access after Brexit, Times says
The UK and European Union have reached a preliminary agreement to allow financial services companies to access the bloc after Brexit, the Times of London reported, as the two sides edge toward a broader divorce deal.  View Article
Financial Times: BoE checking lenders’ easy-to-access liquidity
The Bank of England is scrutinising whether lenders have enough easy-to-sell assets to withstand a “severe dislocation” in financial markets prompted by a cliff-edge Brexit.  View Article
Financial Times: Australia’s banks begin relocating functions from London
Commonwealth Bank of Australia has chosen Amsterdam for its post-Brexit EU hub while other banks have eyed Frankfurt and Dublin.  View Article
Financial Times: Billionaire backs Amsterdam to take financial crown
Amsterdam could take over London’s crown as a key financial centre as the UK prepares to leave the EU, according to an American billionaire and co-founder of two of the largest private equity groups in the world.  View Article
The Independent: Cross-party MPs launch 'killer amendment' push for fresh EU referendum
Cross-party MPs have launched a push for a fresh EU referendum as they attempt to build momentum for a "killer amendment" on any Brexit deal Theresa May tables in the Commons.  View Article
Financial Times: UK’s Raab says he expects Brexit deal by November 21
Britain’s exit deal with the EU should be finalised within three weeks, Brexit secretary Dominic Raab has told MPs.  View Article
Andrew Duff: Brexit: Time to compromise
Despite the quarrelling, no credible Plan B is emerging at Westminster. The likelihood is that the deal will be done with the EU in December and will pass scrutiny in both the European and British parliaments, writes Duff.  View Article
The Guardian: EU must prepare to delay Brexit, Sadiq Khan tells Barnier
Sadiq Khan has told Michel Barnier the EU must prepare to delay Brexit given the lack of support in parliament for a deal, and growing support for a second referendum.  View Article
Bloomberg: No-deal Brexit may prolong UK austerity, Hammond says
The UK will need new tax and spending plans and may have to extend austerity policies if it fails to secure a deal with the European Union, Chancellor of the Exchequer Philip Hammond said.  View Article
Bloomberg: Brexit no deal seen leaving UK economy at a near standstill
If Britain leaves the European Union without an agreement, reverting to World Trade Organization’s most-favored-nation status rules, gross domestic product would increase only 0.3 percent in 2019, the National Institute of Economic and Social Research said.  View Article
Bloomberg: No-deal Brexit risk now UK rating issue, S&P says; pound drops
The risk of the UK leaving the European Union without a trade deal has sufficiently increased to affect the country’s credit rating, according to S&P.   View Article
Bloomberg: Brexit worry drags UK business optimism to lowest in a year
Optimism in Britain’s economy slumped in October to the lowest level this year, with confidence falling in almost all parts of the country, Lloyds Bank said in a survey.  View Article
The Guardian: Frank Field suggests Norway-style Brexit transition deal
Labour MPs could coalesce around a Norway-style transition deal post-Brexit to give time for a more wide-ranging free trade agreement to be struck, suggests Frank Field, the veteran Brexiteer.  View Article
The Guardian: Russia seeks to capitalise on Brexit after blocking Liam Fox's WTO plan
Russia is among 20 countries that are looking to squeeze a commercial advantage from Brexit after blocking an attempt by the international trade secretary, Liam Fox, to fast-track a World Trade Organization deal on the UK’s terms of trade with the world.  View Article
Tariff rate quotas for EU27 : EU ambassadors agree on the Council's position
EU ambassadors today agreed on the draft schedule of tariff rate quotas (TRQs) that the EU will apply after Brexit. The schedule will now have to be agreed with the European Parliament before it becomes EU law.  View Article
Financial Times: UK has rolled over only 14 of 236 EU international treaties
The UK has managed to “roll over”only 14 of the 236 international treaties that the EU has signed with countries around the world, raising fresh concern of disruption if Britain crashes out the bloc without a deal.  View Article
The Guardian: Millennials may lose up to £108k over 30 years with no-deal Brexit
Young people will be financial losers under all Brexit outcomes facing losses of up to £108,000 over their lifetime under the worst-case no-deal scenario, according to a report which also included a warning from former prime minister John Major about the deep implications for millennials.  View Article
UK in a Changing Europe: Public wrong on key facts around Brexit and impact of EU membership, new study finds
The British public are wrong on key facts around Brexit and the UK’s relationship with the EU, a new study by the Policy Institute at King’s College London, in partnership with Ipsos MORI and the UK in a Changing Europe, finds.  View Article

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