Commenting on the decision by the UK government to trigger Article 50 today, Simon Lewis, Chief Executive at AFME, said:

“This is an important step, formally commencing the Brexit process, and we welcome the fact that the UK government has proposed implementation periods to avoid any cliff-edge. It is essential that financial stability and market efficiency are safeguarded, both during and after the implementation process.

“As our recent study with PwC on the operational impact of Brexit makes clear, a period of time to adapt will be required following completion of the Article 50 exit negotiations.

“We encourage policymakers to be risk sensitive in their approach and to reach early agreement on a phased implementation which will enable capital markets participants based in the EU27 and the UK to adjust smoothly and maintain their capacity to serve clients across Europe and internationally.”

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