Europe’s share trading obligation has proved controversial as the UK Brexit transition period is due to end on 31 December.
The exchange's contingency plan will come only into play if equivalence decisions to allow cross-border services between the UK and the EU are not agreed upon.
In the last quarter alone, 400 job relocations were announced while 24 financial services firms declared they were transferring their assets out of the UK.
Three UK clearing houses will be recognised as third country CCPs under EMIR while the European Commission’s temporary equivalence decision is in place.
After confirming plans to adopt a time-limited equivalence decision in July, the European Commission has said equivalence for UK CCPs will now end in mid-2022.
As the European Commission finalises EMIR 2.2, it has confirmed a temporary equivalence decision for UK CCPs from January 2021.
Representatives from LCH and EuroCCP highlight contradicting trends they are seeing in clearing activity throughout Europe following Brexit.
Experts from across the industry share their insights into what will be the biggest trends of the coming year, covering Brexit, geopolitics and market structure.
European Commission vice president, Valdis Dombrovskis, said in London today that the EU plans to extend the temporary equivalence for UK CCPs.
AFME, FIA, ISDA and other trade groups have written to the European Commission seeking an extension to equivalence, due to expire in March 2020.