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ESMA to recognise three UK CCPs in the event of a no-deal Brexit
The ESMA has announced that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the UK – LCH Limited, ICE Clear Europe Limited and LME Clear Limited – will be recognised to provide their services in the European Union (EU). View Article |
Financial Times: EU should trust UK on clearing post-Brexit, says BoE
EU regulators should drop ambitions for greater direct supervision of London clearing houses after Brexit, to avoid imposing potentially “conflicting requirements” on institutions that play a key role in global markets, according to a top official at the Bank of England. View Article |
Bloomberg: British banks are getting a last-minute break from the EU
The City of London is getting a last-minute break from politicians across the European Union intent on averting chaos in financial markets in the event of a no-deal Brexit. View Article |
Jo Johnson: Politicians must stand up for the City of London after Brexit
The former minister warns that one of the UK’s only competitive sectors is being thrown under a bus. View Article |
Financial Times: Retail investors at risk in Brexit dual-listing tussle
Brussels’ plan to restrict trading in shares listed both in London and elsewhere in the EU in the event of a hard Brexit will deliver a blow to retail investors, asset management groups have warned. View Article |
EIOPA calls upon NCAs to minimise the detriment to insurance policyholders and beneficiaries in case of a no withdrawal agreement
The EIOPA issued Recommendations for the insurance sector in light of the UK withdrawing from the EU without a withdrawal agreement. The Recommendations provide guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU after the withdrawal of the UK from the EU without a withdrawal agreement. View Article |
The Guardian: Cost of Brexit to UK economy running at £40bn a year – Bank rate-setter
The cost of Brexit to the British economy is running at £40bn a year and a damaging no-deal scenario could force an emergency cut in interest rates, according to a Bank of England rate-setter. View Article |
Bloomberg: UK rating at risk of downgrade amid no-deal Brexit concern
The UK has been put on a formal downgrade warning by Fitch Ratings, which pointed to increased risks that the country could tumble out of the European Union without an agreement in place. View Article |
Financial Times: Dutch PM warns of ‘devastating’ impact of no-deal Brexit on UK
Mark Rutte, the Dutch prime minister, has said Britain is a “diminished” country after its vote for Brexit and warned that a no-deal exit from the bloc risked “insurmountable” consequences for the UK economy. View Article |
Bloomberg: Seven UK Labour MPs quit party in Brexit split with Corbyn
Seven Labour politicians quit the UK’s main opposition party as Brexit cracked open the structures that have defined British politics for decades, just six weeks before the U.K. is due to leave the European Union. View Article |
The Independent: Majority of Brexit experts believe Theresa May will get her deal through Commons, poll reveals
A total of 60% of respondents said they believed Ms May was likely to get her deal approved by MPs, the survey by The UK in a Changing Europe initiative found, a significant increase from previous polls. View Article |
Bloomberg: Pro-Brexit Tories willing to accept five-year limit on backstop
Pro-Brexit members of Theresa May’s Cabinet would be willing keep Britain tied to the European Union’s customs regime for as long as five years in an effort to break the deadlock in divorce talks, people familiar with the matter said. View Article |
The Independent: Majority of people want MPs to have free vote on Brexit deal, new poll shows
The BMG survey for The Independent showed almost two-thirds of people want MPs to have a “free vote” in parliament when the opportunity comes up over the next few weeks. View Article |
The Guardian: Remainers plan mass march and key vote in last days before Brexit
Campaigners against Theresa May’s “my deal or no deal” Brexit strategy are planning to mobilise the public and politicians for a showdown over the UK’s future in Europe in the final six days before Britain is due to leave the EU, the Observer can reveal. View Article |
Financial Times: EU says UK will struggle to match its free trade deals
The UK will struggle to conclude the same high quality free trade deals as the European Union due to its small size and continuing uncertainty over Brexit, the EU’s agriculture commissioner has said. View Article |
The Bank of England's supervision of financial market infrastructures - Annual Report 2019
The FMI Annual Report sets out how the Bank has exercised its responsibilities in respect of supervising financial market infrastructure over the past year. It also outlines the Bank’s domestic and international policy work to strengthen the regulatory and supervisory frameworks for FMIs, and sets out the Bank’s priorities for its FMI work in 2019. View Article |
Bloomberg: UK admits trade deals with Japan, Korea unlikely before Brexitt
Business Secretary Greg Clark said the UK isn’t likely to reach agreements with Japan and South Korea to roll over existing trade deals before Britain’s scheduled departure from the European Union on March 29. View Article |
Financial Times: Australia to fast-track UK trade pact in event of no-deal Brexit
Australia’s trade minister has said his country is ready to sign a fast-tracked trade agreement with the UK in the event of a no-deal Brexit, but poured cold water on Britain’s ambition to join the Trans-Pacific Partnership regional bloc. View Article |
Financial Times: EU businesses urge clean break from UK or long Brexit delay
Big manufacturers in Europe have urged Brussels to either make a clean break from Britain on March 29 or delay Brexit by six to 12 months, warning that a short delay would undermine their contingency plans. View Article |
Bloomberg: One in eight German firms to relocate UK business on Brexit
One out of every eight German companies with business in the UK is planning to relocate their investments to other markets because of concerns about Brexit. View Article |
New York Times: How a ‘no-deal’ Brexit could open a path to Irish unity
The increasing possibility that Britain will leave the European Union on March 29 without an agreement has rallied both moderates and extremists in the united-Ireland camp behind renewed talk of a single Irish state. View Article |
Vox EU: Brexit and the Irish border issue
This column suggests two remedies that could make the European Commission’s initial ‘backstop’ proposal, whereby Northern Ireland would remain in the European Customs Union while the rest of the UK would be excluded from it, acceptable to the UK. View Article |