Welcoming the joint announcement by the European Commission and HM Treasury, that they will ask the European Central Bank and the Bank of England to convene a technical working group on risk management, Simon Lewis, Chief Executive at AFME, said:
“We welcome today's announcement that the ECB and the Bank of England are convening a group to address technical issues to manage risk around a no deal Brexit scenario. While banks continue their preparations for all scenarios, it is imperative that the regulators come together to address cliff edge risks in the interests of financial stability across Europe. It is important that issues such as contractual continuity, access to market infrastructure and transfers of data are addressed to ensure an orderly withdrawal in all scenarios."
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