City clearing houses are given no-deal Brexit access

City clearing houses are given no-deal Brexit access

City clearing houses are given no-deal Brexit access

If the British leave the European Union without proper agreements with Brussels, three so-called clearing houses from London can still serve customers across the Channel.

In a major boost for the City, stock, bond and derivatives transactions will now face no disruption immediately after 29 March regardless of the outcome of Brexit.

The European Securities and Markets Authority issued the licences to three clearing houses yesterday after Brussels came under pressure to provide assurances that cross-border derivatives contracts would be recognised if Britain were to crash out of the bloc.

ICE Clear Europe president Finbarr Hutcheson said: "We thank the European Commission, Bank of England, and European Securities and Markets Authority (ESMA) for its work securing this recognition and, in doing so, removing any uncertainty around the ability of EU-based market participants to access ICE Clear Europe".

Messi is the only genius in football, says Capello
Ronaldo also recently accepted a £16.6million fine and 23-month prison sentence for tax evasion during his time at Real Madrid . Another noticeable change, the menu also features Alex Morgan, an American player who evolves at Olympique Lyonnais.

The regulator also plans to recognise United Kingdom central securities depositories - financial institutions that hold stocks or bonds which can be easily transferred - with the process ongoing.

The recognition decisions would take effect on the date following Brexit date, under a no-deal Brexit scenario.

Michael Voisin, global head of capital markets at law firm Linklaters, said the move by Esma is positive but that there is still no equivalent measure for UK-based trading venues.

The supervision applies to ESMA's trade repositories (TRs), credit rating agencies (CRAs), and the monitoring of third-country market infrastructures such as third-country central clearing counterparties (TC-CCPs) and third-country central securities depositories (TC-CSDs).

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