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In response to the 2007-2009 financial markets crises, and in line with G20 direction on restoring global economic growth, a primary policy objective of the European Commission was to extend the existing, rather limited regulation of financial market infrastructures (‘FMIs’).

As defined by global regulators, FMIs fall into four categories. These are central securities depositories (‘CSDs’), central clearing houses (‘CCPs’), trade repositories (‘TRs’), and payment systems. The two important regulations developed by the EU in this space are the European Market Infrastructure Regulation (‘EMIR’) and the Central Securities Depositary Regulation (‘CSDR’). This article will discuss the possible implications of leaving the EU specific to these regulations.

This posting is the second article in a series being run by Thomas Murray Data Services.  It focuses on the context in which the terms of Brexit will be finalised between the UK and the EU as regards post-trade financial services.

In order to understand the possible implications of Brexit on the post-trade area of financial services, it is essential to grasp the current relationship between the UK and the EU in this segment. By understanding the historical context and the policy details, we can more accurately form an opinion of what the implications of leaving the European Union might be.

Thomas Murray wishes to share some preliminary thoughts concerning the United Kingdom’s decision to leave the European Union, as pertains to the financial industry’s post-trade services.  These are the questions we will be asking ourselves as this transformational project takes shape in the coming years.  This piece introduces a series of five articles that will be posted in the days and weeks ahead.  As policies get clarified in the months to come, the firm’s further reflections will become progressively more detailed.

The post-trade space is undergoing huge changes. What are the challenges and how are they being addressed?

Regulatory reform is ongoing and the role of independent bodies such as IOSCO in standard setting can be crucial.

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