In response to the EU’s confirmation today that Article 50 will be extended until 31 January 2020, Simon Lewis, Chief Executive of AFME, said:

“While uncertainty over Brexit continues, the extension to Article 50 avoids a no-deal scenario on 31 October. Europe’s banking industry has undertaken extensive work to prepare for a no-deal Brexit to ensure it can continue to serve clients across Europe.

“We now hope that regulators in the EU27 and UK will work together to address remaining regulatory issues in the additional time, including avoiding disruption to trading shares and derivatives, ensuring continued access to UK CCPs and putting in place national contingency measures.”

-ENDS-