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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.

Documents

Brexit fact sheet (PDF)

Brexit FAQs (PDF)

Indirect Clearing and the LME (PDF)

EEA member email October 2021 (PDF)

Resources

Department for Exiting the European Union

Bank of England EU withdrawal

Bank of England Financial Market Infrastructure supervision

UK Parliament Exiting the European Union Committee

HMT Brexit policy webpage

FCA Brexit webpage

Information about Brexit from EEA regulators

European Commission Brexit negotiations

European Council Brexit key documents

ECB procedures for relocation to the Euro area

EU Withdrawal Act 2018 statutory instruments

ESMA Brexit statement

UK/EU Trade cooperation agreement (PDF)

FAQ on the UK/EU cooperation agreement

Contact us

For further information about the LME'S approach to Brexit please email our Brexit team.

For all other regulatory change related questions, please email the Head of Regulation and Compliance.


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