In response to the UK's vote in favour of leaving the European Union, and in view of the considerable uncertainty about how this decision will impact financial markets broadly and our industry specifically, FIA will support our members during what will undoubtedly be a protracted period of transition.
To that end, FIA engaged Allen & Overy to prepare a memorandum outlining likely next steps and near-term consequences for the cleared derivatives industry. The report assumes that the UK Government will now begin the process of negotiating its withdrawal from the EU, and focuses on the exit process itself, potential financial and economic volatility, documentation concerns for our industry, and the regulatory issues that must be addressed.
This memorandum and other relevant documentation is now available on a new resource area of FIA.org, along with links to various documents from regulators, law firms and exchanges that may be of interest to members. This resource area will be added to over time as more information becomes available.
We appreciate that this historic event is likely to present many issues for members globally, particularly those based in the UK, and those doing business with UK entities.
We have established an internal working group of senior FIA staff to help develop our agenda in this area. The group will include Simon Puleston Jones, Head of Europe; Corinna Schempp, Head of EU Policy; and Mitja Siraj, Vice President of Legal, Europe. We anticipate forming one or more member working groups in due course and providing webinars and other educational resources.
To help FIA’s preparations following this critical development, we are encouraging our members to submit questions and concerns to a dedicated email address: UK-EUrelations@fia.org.
We will continue to expand our support for members during this process of change and will provide resources, information, thought leadership and advocacy throughout.
