Hard Brexit Impact Analysis

Page 40 of 106 Category If no agreement is reached: Consequence EU Document ensure continued compliance with their obligations under the MiFID framework. Finance financial instruments As of the withdrawal date Where previously available, UK based trading venues and CCPs13 will no longer benefit from the open and non- discriminatory access to EU trading venues and EU central counterparties (CCPs) and to EU benchmarks respectively. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF MARKETS IN FINANCIAL INSTRUMENTS Finance financial instruments CONTRACTS: As of the withdrawal date The loss of MiFID authorisations may also impact relationships with EU clients/counterparts and may affect the ability of UK established firms to continue performing certain obligations and activities deriving from existing contracts. Under MiFID firms are required to take measures to ensure continuity in the performance of investment services and activities. To this end, firms should assess the impact of the withdrawal of the United Kingdom from the EU on their operations and identify and mitigate compliance risks. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF MARKETS IN FINANCIAL INSTRUMENTS Finance financial instruments CONTRACTS: As of the withdrawal date EU established firms dealing in financial instruments subject to the MiFID trading obligation would no longer be able to use certain UK established firms/venues. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF MARKETS IN FINANCIAL INSTRUMENTS Finance financial instruments CONTRACTS: As of the withdrawal date clients can no longer have direct electronic access to EU established trading venues via UK established firms. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF MARKETS IN FINANCIAL INSTRUMENTS

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