03.13.2019

City of London Says UK Must Reject No-Deal Brexit

Yesterday the UK parliament voted against the withdrawal deal negotiated by Prime Minister Theresa May for the country’s departure from the European Union on 29 March 2019. Members of parliament will vote on a motion today on whether to allow a “no-deal” Brexit without any transition period.

Miles Celic, Chief Executive Officer of trade organisation TheCityUK, said:

“The UK leaving the EU without a deal would be an own goal of historic proportions for the UK and the EU. This is absolutely not in the interests of customers or the wider economy. MPs must now say ‘no to no-deal’ and the UK and the EU must urgently return to the negotiating table. We need a rapid agreement on the way forward to protect customers and jobs. This is a vital part of keeping the U.K. at the top of the global premier league of international financial centres – something that is in the interests of customers at home and across Europe.”

Charlotte Crosswell, chief executive of Innovate Finance, an independent membership association that represents the UK’s fintech community said:

Nigel Green, founder and chief executive of financial advisors deVere Group, said in an email: “There are three steps that now need to be taken to end the chaos and move forward. First, a no deal Brexit must be taken off the table which parliament is likely to do in this evening’s vote, as a messy and disorderly Brexit on 29 March would be political, diplomatic and economic negligence in the extreme.”

He continued that the UK must then seek to extend Article 50, the mechanism by which it leaves the EU, and then hold a second Brexit referendum.

Catherine McGuiness, policy chair at City of London Corporation, which promotes UK financial services, said:

Chris Cummings, chief executive of the Investment Association, which represents UK fund managers, said:

J. Christopher Giancarlo, chairman of US regulator CFTC, said at a conference today:

 

 

 

 

 

Related articles

  1. Daily Email Feature

    Warning On Brexit Fragmentation

    Participants are concerned about dispersed trading liquidity and regulatory data.

  2. Members based in the European Economic Area will be able to continue using Liquidnet.

  3. The MOUs come into force on the date EU legislation ceases to have direct effect in the UK.

  4. Brexit Muddles Future of UK-EU Linkage

    The instruments now commence on ‘exit day’, rather than 11pm on 29 March.

  5. The US regulator has provided guidance on the transfer of uncleared legacy swaps.