Euroclear announced plans for a new Irish CSD as it continues its preparation for the UK’s exit from the EU.
The European Commission had referred Ireland to the European Court of Justice for failing to recover from the Apple illegal State aid.
ESMA could gain authority to declare CCPs of major systemic importance be established in EU to provide services.
ESMA has provided advice to national competent authorities looking to relocate from the UK.
ESMA chair Steven Maijoor has expressed concerns at the current EU third country framework.
Kay Swinburne will lead the European Parliament’s team on CCP recovery and resolution.
Law firm Linklaters anticipates the rules could come into force by mid November if the EC accelerates implementation.
The European Commission has told regulators pension funds should be exempt from collateral rules.
The world’s largest fund management group has warned that it expects the UK’s “divorce” from the European Union to be “messy, drawn out and costly”.
Despite some talk of banks relocating jobs, most seem committed to their long-term future in the UK.