Hard Brexit: The Impact For US CFTC-Registered Entities
This paper highlights the issues that must be addressed in the case of a ‘hard’ Brexit. Specifically, it:
- Identifies exiting US Commodity Futures Trading Commission (CFTC) equivalence determinations and no-action relief that is currently provided to the European Union (EU) and should be extended to entities registered with the CFTC in order to preserve continuity and market stability once the UK exits the EU.
- Analyzes the impact of a hard Brexit on US market participants, and where appropriate, proposes regulatory and contractual solutions to minimize any negative impacts a hard Brexit would have on US market participants.
We note that Brexit discussions are ongoing and, based on developments, the regulatory and contractual approaches may change.
Temporary equivalence is set to expire on June 30 2022.
IRS trading volumes have fragmented without an equivalence agreement.
Most EU member states had an increase in bankers earning more than €1m.
A structured home-office work mix can optimize a trading desk's efficiency, Fidelity's Tom Stevenson writes.
Staff will be working from a mix of home and the office.