On August 23rd, the UK government issued a series of papers covering large swathes of the British economy with guidance for preparedness in the event of a no-deal Brexit next March, and so an abrupt rupture in its relations to the 27 remaining EU member-states.

On 28 November 2016, we managers at Thomas Murray were concerned to see the publication of:

COM(2016) 856 final 2016/0365 (COD)

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365

We understand that this is a first legislative draft, and write in the hope that it will be very significantly amended.

In the world of capital markets, the public spotlight has predominantly fallen on pre-trade and trade analysis. The media focusses its attention on the price of shares, the movement of currencies, the possibility of changes to interest rates and the fundamentals of markets, as well as corporate news.

ESMA (the European Securities and Markets Authority) has published an Opinion[1] calling for an amendment to the UCITS Directive to take into account the cl

On 29 April, ESMA (the European Securities and Markets Authority) recognised 10 third country CCPs (central counterparty clearinghouses), meaning that they can offer clearing services to European market participants on an equivalent basis to their European counterparts. The jurisdictions in which they operate have been deemed equivalent by the European Council in regards to their rules and regulations governing clearing houses.