London Stock Exchange (LSE) Group has received regulatory approval to operate a trade repository in Amsterdam in case of a no-deal Brexit.
The repository will enable LSE to offer trade reporting services in the EU in line with the main capital markets regulations known as Emir and Mifid II, as well as equivalent services in the UK through LSE’s existing UK-based trade repository, UnaVista.
The Netherlands-based trade repository, Unavista TRADEcho, has been approved by the European Securities and Markets Authority, the EU financial services regulator, to support reporting requirements under Emir, which is the European Market Infrastructure Regulation.
This follows authorisation from the Dutch Authority for Financial Markets for the Amsterdam entity to operate an Approved Report Mechanism and Approved Publication Application under Mifid II.
Mark Husler, chief executive of UnaVista, said that this step will allow LSE clients to continue to report and comply with both the EU and UK versions of Mifid II and Emir, using their existing connections.
The approval continues LSE’s preparations for a no-deal Brexit. In July the group applied for a trading licence in Amsterdam for Turquoise, the multilateral trading facility that it majority owns.
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