The United Kingdom’s withdrawal from the EU will introduce significant regulatory, legislative and political change to the whole of the UK and will have an impact on all sectors of the economy.
The agreement governing the terms of the UK’s withdrawal from the EU introduced a transition period, which took effect at the moment the UK formally left the EU and which lasted until 11pm on 31 December 2020. During the transition period EU law continued to apply in the UK as though it were still an EU Member State. Following the cessation of the transition period, EU law no longer applies and the UK is now a third country.
Whilst the UK and EU have concluded a mutual cooperation agreement, it does not govern the reciprocal cross-border provision and receipt of financial services. Accordingly, LME Group has engaged with the relevant European regulatory authorities in order to ensure continuity of trading and clearing services into the EEA.
We welcome engagement from all those with interest in our market. Please direct any enquiries via email or your usual LME contact.