US trade bodies call for transparent Brexit negotiations

Associations are seeking ‘transitional arrangement’ to help firms navigate changes post-Brexit.

Several trade associations have called upon US Secretary of the Treasury Jack Lew, to urge counterparts in the UK and the EU ensure Brexit negotiations are completely transparent.

The trade bodies are seeking an “ample transitional relief for financial firms”, adding it is “critical the process is transparent”.

The Securities Industry and Financial Markets Association (SIFMA), alongside the American Bankers Association, Financial Services Roundtable and Financial Services Forum, voiced their concerns in an open letter to Lew.

It urged that stakeholders from the financial services community be actively consulted on Brexit negotiations, and that a transitional arrangement be put in place to help firms navigate the changes.

Ken Bentsen, SIFMA president and chief executive officer, addressed delegates at a Brexit Symposium earlier this week and said markets must not regress back to being fragmented.

“Global firms in the US, EU and Asia could feel a direct impact from the UK’s departure,” he explained.

“Because of the role the City of London plays, it is an issue that will likely impact our work and that of our members for many years,” Bentsen added.