Following a speech by the European Commission today in London, Oliver Moullin, Managing Director, Brexit, at AFME said:
"We welcome the confirmation that the European Commission intends to extend the temporary equivalence decision for UK CCPs. This is vital to enable continued access to clearing and settlement services for EEA firms and avoid a significant risk to financial stability in a no-deal Brexit scenario. It is important that the extension is confirmed as soon as possible.
"We hope that regulators in the EU27 and UK will continue to work together to address remaining regulatory issues, including finding a permanent solution to ensure access to UK CCPs and avoiding disruption to trading shares and derivatives in a no-deal scenario.”
Notes to Editors:
Together with 13 other trade associations, AFME recently wrote to European Commission Vice President, Valdis Dombrovskis to highlight the need for an urgent extension to the temporary equivalence determination for UK CCPs.