Following today’s Brexit Communication from the European Commission, Simon Lewis, Chief Executive of AFME said:
“We welcome today’s confirmation that the Commission has adopted temporary equivalence decisions for UK CCPs and CSDs. This is a very important step to enable continued access for EEA firms to clearing and settlement services in a no deal Brexit scenario.
“While this addresses a significant risk, it is important for further action at EU and national level to mitigate against other risks and put in place cooperation arrangements between the EU and UK regulators. In particular we encourage Member States to clarify their approach to the continued servicing of existing uncleared derivatives contracts in a no deal scenario.”
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