First test of Brexit divergence could be failed trade rule
A first sign of whether the UK will choose to diverge from EU financial regulation after Brexit could come when mandatory buy-in rules enter into force. This is because the European Securities and Markets Authority (ESMA) has proposed postponing the rules that govern what happens when a securities trade fails until February 2021, after the Brexit transition period ends.
The so-called new settlement discipline regime was set to come into force this autumn, but on Wednesday ESMA proposed delaying it because it thinks more time is needed to implement IT system changes, among other reasons.The mandatory buy-in rules are part of the regime. If a securities ...
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