Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit

On 25 February 2019, the UK and US authorities issued a joint statement on continuity of derivatives trading and clearing post Brexit. The joint statement covers the following issues: Continued supervisory cooperation. The Bank of England (BoE) and the Commodity Futures Trading Commission (CFTC) are in the process of updating, in connection with the UK’s forthcoming recognition of CFTC-registered central counterparties (CCPs), their Memorandum of Understanding (MoU) covering clearing activity. Meanwhile, the FCA and CFTC are in the process of updating their MoUs covering certain firms in the derivatives and the alternative investment fund industry. Extension of existing CFTF relief and comparability for the UK. The CFTC intends that existing regulatory relief granted by it to EU firms, including UK firms, will be extended to UK firms at the point of the UK’s withdrawal from the EU by way of: The CFTC will issue new no-action letters to UK market participants…

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