EC official: supervisors must manage Brexit trading disruption
Trading obligations won’t change, but Mifid-style forbearance possible in event of disruption
A European Commission official has put the onus on supervisors to deal with any trading disruptions in the event of a no-deal Brexit – shutting down hopes of a legislative fix.
Almoro Rubin de Cervin, head of international affairs at the EC’s directorate general of financial affairs, said supervisors could step in if there were any problems, potentially acting on guidance from the European Securities and Markets Authority (Esma), which is what happened in January 2018 when the second Markets
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