FMLC: Robustness of Financial Contracts after Brexit
Since the U.K. voted to withdraw from the E.U., a question which has been raised by many market participants and observers, in the context of a hard Brexit, is whether the performance of existing financial contracts would continue or whether Brexit would make their performance illegal, impractical or impossible in some way.
This paper takes an in-depth look at the question of the continuity of legacy contracts and highlights the legal uncertainty which will arise if there is no clarity as to the future of the U.K.-E.U. relationship post-Brexit.
The Financial Markets Law Committee, an educational charity based in the City of London dedicated to the sound administration of financial law, also examined some of the ways by which these issues might be mitigated, both by firms themselves and through legislative action.
Clients clearing euro swaps increased 34% in the first half.
Milestone Group notes increased focus on outsourcing back- and middle-office functions.
IHS Markit looks at what happens when a counterparty wants to novate.
State Street research finds expectation of increased fragmentation of fund regulations.
Fund managers need initiate their Brexit plans ahead of the April 2019 deadline.