UK Finance responds to ESMA announcement on clearing houses

Responding to today's announcement on access to UK-based clearing houses today by the European Securities and Markets Authority (ESMA), Conor Lawlor, Director of Brexit and International Policy at UK Finance, said:

Today's decision from ESMA is a positive step forward in mitigating some of the disruption a ?no deal? Brexit would pose to UK-based clearing houses and the EU-based firms that rely on them.   But this is far from being a silver bullet and significant risks remain, including on the continuity of cross-border contracts that have yet to be addressed through EU Commission or EU Member State actions.

It is vital that UK politicians from all parties work together to agree a way forward and avoid a deeply damaging no deal scenario.   Further action by EU regulators is also urgently needed to tackle critical cliff-edge issues and provide certainty to firms and their customers on both sides of the Channel.

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