New UK data after Brexit will depend on the market structure of a post-Brexit world, but the quality of reporting will not change, according to a speaker at the FIX Trading Community EMEA Trading Conference.
The panellist explained that although the single market is quite unique, “the UK needs something similar as soon as possible”.
He also questioned the future market structure and how data will be used to determine reporting obligations.
The moderator, a member of the FIX Community, said: “As much transparency as possible is obviously needed, but after Brexit, [the financial industry] will run the risk of duplicate reporting and that information will dictate what happens to trading.”
Another representative from AMF said: “I personally don’t believe in a no-deal Brexit—sadly, we cannot rule that out at the moment. We have to question the size of the firm, which can give an indication to what extent that may be affected.”
The moderator questioned the AMF representative on their thoughts around large organisations should be worried over smaller firms.
When the moderator asked the panellists what advice they would give to financial industries concerned about Brexit, the representative from AMF said: “Carry on talking to regulators, they have always been keen with interacting. We don’t want regulations going into autopilot in these troubled times.”
The representative added: “Work together with FIX communities and trade associations, try to clean up data as much as you can. You will find a sympathetic ear with regulators.”
A panellist from the Financial Conduct Authority (FCA) said: “Our guidance with firms is not going to change. We will continue to provide guidance well in advance of changes, as usual. The FCA will remain a source where you can rely on information for reporting obligations. Be sure to follow the FCA’s page on transparency.”
