UK and EU reach post-Brexit agreement on financial services
The agreement follows months of stalemate in discussions between the two entities regarding UK-EU equivalence across the financial markets.
Europe
Fragmentation in derivatives market top concern post-Brexit for fifth of firms
A survey by FIA has found that 23% of firms see fragmentation of markets as the most concerning impact of Brexit on the derivatives market.
Tighter short selling reporting requirements to end this month
The EU watchdog will not renew the short selling reporting changes which are due to expire on 19 March, following an extension in December last year.
European Commission confirms changes to MiFID II in COVID-19 relief plan
Research unbundling and best execution reporting requirements are at the heart of the European Commission’s COVID-19 relief plan.
European Commission approves Euronext Borsa Italiana acquisition
The pan-European exchange has subsequently reshuffled the leadership of its Paris business in preparation for the completion of the deal.
BoE governor warns of rising tensions as EU derivatives clearing power struggle continues
Andrew Bailey says the UK must “resist very firmly” the EU’s attempts to force all euro-derivatives clearing into the bloc.
Brexit deals London another blow with loss of euro derivatives volumes
A report by IHS Markit found that UK market share in euro-denominated swaps fell from 40% to 10% in January.
The Brexit share trading exodus
On 4 January 2021 as the Brexit transition period came to an end, €6 billion of trading volumes left London. Annabel Smith examines the impact of this and asks what the future holds for the industry.
Bank of England boss slams EU approach to UK equivalence
Andrew Bailey says EU and UK equivalence process has not been straightforward as he urges now is not the time to have a regional argument.
LSEG Turquoise welcomes back Swiss securities as exchange equivalence is agreed
As the UK and Switzerland agree stock exchange equivalence, LSEG's Turquoise confirms the relaunch of Swiss securities on the trading venue.