COUNTDOWN TO BREXIT
I love deadlines. I like the whooshing sound they make as they fly by. -Douglas Adams
former topic-of-choice polemic – Brexit – has taken something of a back superseded by a more real and serious one.
at the beginning of the year, inevitably this deadline came and went. As of envisaged under the Withdrawal Agreement signed earlier this year – has taken place.
the process
such as clearing, any Brexit without mutual access to infrastructure could lead to adverse events of a systemic nature. However, brokerage businesses (and others regulated under the MiFID II regime) have been
overheads of a new EU customer-facing business, to muddle through using
A key to understanding exposure is to work out how many EU customers the brokerage has, and where they are located. Many that can be pressed into service, removing the risk of services being seen as taking place cross-border back-to-back group arrangements can be established to allow services to be provided to the client within the UK, and then shared within the corporate group of the client.
to understand which countries they are dealing with and where their exposure lies. For example, Luxembourg has announced its be added to this upon Brexit, of clients to the important fund and other customer bases in that country. Italy has also announced (but not yet enacted) a temporary regime. Other countries have been has announced a temporary compliance costs and overhead country. And the likes of France extending even to threats of deal with their local customers.
IT IS KEY FOR UK
BROKERS TO UNDERSTAND WHICH
COUNTRIES THEY ARE DEALING WITH AND WHERE THEIR EXPOSURE LIES.
18 | ADMISI - The Ghost In The Machine | Q3 Edition
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28
