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13 December 2018

Brexit Weekly

Theresa May wins vote of confidence after delaying Brexit vote in Parliament, ECJ rules UK can unilaterally revoke Article 50, derivatives traders granted one-year market access in no-deal Brexit, ISDA on financial services trade after UK divorce from EU and more.

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  Articles from 06 December 2018 - 13 December 2018

  Brexit & UK
Financial Times: Theresa May wins vote of confidence
Theresa May has survived an attempted coup by Eurosceptic Conservative MPs, but she travels to Brussels on Thursday to try to save her Brexit deal with her authority shaken and her party bitterly divided.  View Article
POLITICO: Theresa May delays Brexit vote over risk of ‘significant’ defeat
The UK prime minister said a meaningful vote among MPs on her Brexit deal that had been scheduled for Tuesday 11th December will be deferred so that she can seek "further assurances" from EU leaders.  View Article
POLITICO: Jean-Claude Juncker: EU won’t renegotiate Brexit deal
European Commission President Jean-Claude Juncker pointedly warned the U.K. that there would be no renegotiation of the Brexit Withdrawal Agreement despite Prime Minister Theresa May's failure so far to win enough support to ratify the deal in the British parliament.  View Article
The Independent: UK can cancel Brexit by unilaterally revoking Article 50, European Court of Justice rules
The UK has the legal power to stop Brexit by unilaterally revoking Article 50, the EU‘s top court, the European Court of Justice (ECJ), has ruled.  View Article
Lord John Kerr: I drafted article 50. We can and must delay Brexit for a referendum
Every EU state would agree to extend article 50 for a people’s vote on a bad deal or the one the UK has got, the former UK ambassador to the EU who drafted article 50 writes.  View Article
The Telegraph: Theresa May's 'plan B' could see second referendum that does not include option to remain in EU
A radical plan for a second referendum that does not include the option to remain in the EU is being discussed as a possible “plan B” for Theresa May if she cannot get her Brexit deal through the Commons.  View Article
The Economist: The best way out of the Brexit mess
The Economist makes the case for a second referendum writing that Parliament cannot agree on what kind of Brexit the people want. Rather than guess, it should ask them.  View Article
Financial Times: Derivatives traders to get one-year market access in no-deal Brexit
Brussels is set to grant a 12-month window for European derivatives traders to continue using crucial UK market infrastructure in the event of a no-deal Brexit, as it seeks to avoid financial turmoil should Britain crash out of the EU.  View Article
Bloomberg: Germany prepares for no-deal Brexit to avert financial turmoil
Germany is trying to mitigate market turmoil from the UK leaving the European Union without a deal by giving British financial firms a chance to continue operations in the country and making relocation more viable.  View Article
ISDA Letter to European Commission on temporary equivalence and recognition for UK CCPs
The letter states that abrupt cessation of access to UK CCPs has the potential to introduce widespread disruption for EEA markets.  View Article
ISDA responds to the FCA’s first consultation on Brexit
ISDA has submitted a response to the Financial Conduct Authority’s (FCA) consultation on Brexit: Proposed changes to the Handbook and Binding Technical Standards – CP18/28.  View Article
Financial Times: Brexit anxiety mounts for UK clearing houses and EU banks
European banks face a crucial two-week period before finding out if they will receive formal notice to begin closing £45tn of derivatives positions in UK clearing houses, further raising their anxiety about access to London’s capital markets post-Brexit.  View Article
Financial Times: Société Générale to set up Brexit clearing hedge in Paris
Société Générale, the French bank, will open a legal entity in Paris by the end of the year for EU customers to clear their derivatives trades, amid uncertainty over the legal status of the contracts after the UK leaves the bloc next March.  View Article
Financial Times: Euronext plans to shift Irish equities settlement out of London
Euronext, the European exchanges operator, is planning to transfer the €182bn of Irish equity and funds securities assets held in London to the European Union over the next two years.  View Article
Financial Times: Financial services exports to EU face 59% fall, warns think-tank
Britain’s exports of financial services to the EU could fall by almost 60% as a result of leaving the single market, marking a “sea change” in the services sector that drives the UK economy, according to new research by the Centre for European Reform.   View Article
Financial Times: Switzerland risks EU financial sanctions over integration deal
In a decision which could have ramifications for the UK post-Brexit, the seven-strong Swiss federal council, or cabinet, declined to formally agree a proposed new “institutional framework” governing EU trading relations with Switzerland, a non-EU member.  View Article
Brexit Committee’s united verdict on the Prime Minister's deal: Uncertainty, not clarity
The UK House of Commons' Committee on Exiting the European Union Report – agreed unanimously – says that the Prime Minister’s deal fails to offer sufficient clarity or certainty for the future of the UK.  View Article
House of Commons: Government’s White Paper scenario cannot be used to inform meaningful vote
The Treasury Committee publishes a unanimously-agreed Report on the Withdrawal Agreement and Political Declaration. The purpose of the report is not to make a recommendation on how MPs should vote on the Withdrawal Agreement, but to provide MPs with as much information as possible.  View Article
ISDA: No-deal Brexit likely; business is not prepared
A no-deal Brexit is either “very likely” or “quite likely” according to 65% of finance professionals in the latest Brexit Tracker Survey from ICAS in association with leading law firm Brodies LLP.  View Article
Corbyn: I will prevent no-deal Brexit, ax backstop
Labour leader Jeremy Corbyn told a conference of European socialists he would ensure “there is no situation where we crash out with no deal” amid an escalating Brexit-fueled political crisis in Britain.  View Article
Bloomberg: UK economy loses steam as battle over Brexit rages
The UK economy lost momentum in the three months through October, a further sign of the toll being taken by Brexit uncertainty. Growth slowed to 0.4 percent from 0.6 percent in the third quarter, the Office for National Statistics said.  View Article
Financial Times: A disruptive Brexit will make recession hard to avoid, say economists
The UK would struggle to avoid a recession next year if it crashes out of the EU, but the severity of any downturn would depend on political choices in Brussels that could ease the fallout, according to economists.  View Article
The Guardian: UK immigration crackdown 'could send companies to the wall'
Theresa May’s plans for a crackdown on immigration after Brexit could cause UK companies to go bust and spark job losses across the country, the head of Britain’s biggest business lobby group has warned.  View Article
Bloomberg: Brexit has started for German exporters as UK trade declines
The share of German shipments that go to Britain has shrunk to around 6 percent from close to 8 percent in 2015, and “the negative trend continues,” Carsten Brzeski, chief economist at ING Germany, said after the latest trade report.   View Article
Financial Times: France’s Europe minister warns EU must be ready for no-deal Brexit
France has warned that Britain will not be able to extract further concessions in Brexit talks, stressing the bloc must be ready for a no-deal scenario.  View Article
EU tariff rate quotas after Brexit: Council endorses agreement with the European Parliament
The EU has decided on the tariff rate quotas (TRQs) it will apply after Brexit in respect of a number of agricultural, fish, industrial and processed agricultural products. EU ambassadors in Coreper endorsed a deal with the European Parliament on the draft regulation setting these new quotas.  View Article

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