FX: MTFs still reluctant to move even as Brexit approaches

With less than 10 months to go until the UK formally leaves the European Union, most FX venues remain content to wait for the outcome of negotiations around key issues such as financial passporting before confirming their future strategy.

The greatest obstacle to post-Brexit planning is uncertainty around the ability of UK financial services firms to access the single market after March 29, 2019.

Discussions around this issue are likely to go right to the wire, leaving clients and venues little time to react.

Passporting is critical for FX and money transfers, because they rely on bank accounts held in multiple countries, explains Henry Wilkes, founding partner of Institutional FX Advisory Partners (IFXAP).

“With increased compliance and regulation, institutions could lose their licences and therefore their bank accounts, making it difficult to operate,” he says.

FX: MTFs still reluctant to move even as Brexit approaches

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FX: MTFs still reluctant to move even as Brexit approaches

Thanks for your interest in Euromoney!To unlock this article:

Central Bank of Egypt’s drive for financial inclusion bears fruit

Egypt’s banking industry wants to see private sector soar

CIB’s CEO Al-Arab on realism, reform and resilience

Future capital markets infrastructure: Fungible, fractionalised and fused

Thanks for your interest in Euromoney!
To unlock this article: