Community
ESMA has released a statement which amongst other things includes clarification for EU investment firms that they will have to publish their OTC trades via an EU APA if a UK counterparty is involved. Whilst in Europe this approach may serve to ensure post-trade transparency within the EU27, it is also true that the UK counterparty could be required to publish that trade to a UK APA. This sounds to me like a recipe for a return to the problem of OTC duplicate reporting, despite MiFID II’s decade in the making efforts to improve on that situation.
In case of a no-deal Brexit UK firms will become third country counterparties when facing the EU, and with no equivalence granted pan-European participants may end up shedding a bit too much light on OTC volumes.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Alex Kreger Founder & CEO at UXDA
27 November
Kathiravan Rajendran Associate Director of Marketing Operations at Macro Global
25 November
Vitaliy Shtyrkin Chief Product Officer at B2BINPAY
22 November
Kunal Jhunjhunwala Founder at airpay payment services
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.