The Brexit bell is tolling for many, but for trade repositories, there’s a distinct sense of déjà vu.
In the event of a “hard” Brexit, counterparties obliged to report derivatives trades under the European Market Infrastructure Regulation (EMIR) would be forced to redirect their reports to either a trade repository domiciled in the UK or in the EU27. As a result, repositories have applied to the Financial Conduct Authority (FCA) or the European Securities Markets Authority (Esma) for
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