London Stock Exchange issues notice to third country member firms regarding Brexit
London Stock Exchange (LSE) today published an important reminder to Third Country member firms regarding reporting following the end of the Brexit transition period.
LSE is required to submit transaction reports to the UK Financial Conduct Authority (FCA) for all trades executed on the Exchange by Third Country member firms. Following the end of the Brexit transition period on December 31, 2020, this will include trades executed by member firms located within the European Economic Area (EEA), unless the firm has confirmed that all their business is conducted through a registered branch office in the United Kingdom.
A firm’s status as a Third Country member firm will be unaffected by any equivalence that may or may not be concluded between the UK and the European Union, the Exchange explains.
The notice published today serves to remind Third Country member firms of the requirement to complete transaction reporting conformance testing. In the event that a Third Country member firm does not complete conformance testing by close of business on December 18, 2020, the Exchange will be unable to guarantee the member firm’s continued access to its trading services from January 4, 2021.
Members that need further information are advised to contact the Technical Account Management team for on-boarding and to arrange testing on +44 (0) 20 7797 3939 or londontam@lseg.com.