EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.2.3.5:18.IV.2.3.5 Hard Brexit-scenario
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.2.3.5
18.IV.2.3.5 Hard Brexit-scenario
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267135:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Deze functie is alleen te gebruiken als je bent ingelogd.
Brexit is relevant for the establishment of a consolidated tape and a potential consolidated quote. A Hard Brexit (i.e. the UK leaving the EU without a withdrawal agreement) raises questions about the relevance of a consolidated tape (or quote) including EU27 data (without UK data). The UK is characterised by a high degree of liquidity. ESMA suggests that – despite Brexit – there is support among certain data users in setting up an EU27 CTP. This is in particular the case where UK data would be included in the EU27 CTP data. ESMA also adds that it is too early to draw final conclusions. Political uncertainty concerning Brexit asks for modest conclusions at the point of writing.