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The hard reality of Brexit

27 June 2018 1 comment

Anne Plested

Regulation

ION Markets

Whichever type of Brexit you hope for, there remains the possibility of a UK withdrawal from the EU in March next year with no agreement in place, and no transition period.

The European Banking Authority has this week voiced its concerns about what it sees as a lack of preparation on the part of financial institutions for such a scenario. But in fact some banks and brokers are already setting themselves up for a hard Brexit by doubling up on legal entities and infrastructure so as to service their clients and continue pan-European trading.

It’s good to be prepared, but while negotiations continue there is still a great deal of legal and political uncertainty. The hard reality is that our industry needs clarity and certainty – and soon!

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Comments: (1)

Richard Crookston Payments Consultant at R Crookston

28 June 2018

Interesting you mention that SOME banks and brokers are taking action on planning for a range of options That means that some are not.

One wonders when the Banks, Insurers and other Financial companies will be up front with the state of play in their businesses.

I'm sure investors would be interested, along with a few of the politicians. Or do they know something we don't?

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Anne Plested

Regulation

ION Markets

Member since

09 Apr 2013

Location

London

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