Various industry associations have welcomed the UK’s equivalence decisions in a move that aims to provide certainty to firms.
The FCA has outlined its approach to the share trading obligation and will maintain access to EU venues for UK market participants.
In an effort to lure more banks and investors from the UK, Eurex Clearing has extended its incentive program following the equivalence decision from the European Commission.
Europe’s share trading obligation has proved controversial as the UK Brexit transition period is due to end on 31 December.
The exchange's contingency plan will come only into play if equivalence decisions to allow cross-border services between the UK and the EU are not agreed upon.
In the last quarter alone, 400 job relocations were announced while 24 financial services firms declared they were transferring their assets out of the UK.
Three UK clearing houses will be recognised as third country CCPs under EMIR while the European Commission’s temporary equivalence decision is in place.
After confirming plans to adopt a time-limited equivalence decision in July, the European Commission has said equivalence for UK CCPs will now end in mid-2022.
As the European Commission finalises EMIR 2.2, it has confirmed a temporary equivalence decision for UK CCPs from January 2021.
Representatives from LCH and EuroCCP highlight contradicting trends they are seeing in clearing activity throughout Europe following Brexit.