Firms fear Mifid-style reporting crunch for Brexit day one
Operational clarity still needed to fully implement system changes in time for April 1
There is too little time left to prepare reporting systems fully for amendments to financial market transparency requirements if the UK leaves the European Union without a deal on March 29, the industry fears.
“If the no-deal were to occur on the 29th, is it the end of the world? No, but it is going to be super painful,” says Sassan Danesh, a member of the management team at the Derivatives Service Bureau, run by the Association of National Numbering Agencies (Anna DSB).
“No one can guarantee
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