Brexit Talks Set to Restart With Aim of Deal by Mid-November – Bloomberg

Trade talks between the U.K. and European Union are on the verge of resuming after positive contact between the two sides, three people familiar with the discussions said.

A decision could come in the next 24 hours, with negotiators ready to sit down immediately with the goal of finding a deal by mid-November, according to the people, who spoke on condition of anonymity because the talks are private.

The pound rose as much as 1.4% to $1.3135, its highest in over a month, and U.K. gilts fell, with 10-year yields rising six basis points.

Britain’s chief negotiator, David Frost, will speak to his EU counterpart, Michel Barnier, for the third time in as many days later on Wednesday, to discuss how to bring an end to an impasse, which has seen no formal negotiations for a week. The people said no decision was guaranteed until they spoke.

https://www.bloomberg.com/news/articles/2020-10-21/brexit-talks-set-to-restart-with-aim-of-deal-by-mid-november

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Brexit – “like moving house” – Gove – Daily Telegraph

Michael Gove has today compared Brexit to moving house in a “disastrous” call with business leaders.

On a 20-minute conference call with trade bodies and bosses from 250 leading companies Cabinet Minister Mr Gove and Prime Minister Boris Johnson warned UK firms to prepare for a possible no-deal end to talks with the European Union

Mr Gove described Brexit as being “like moving house, it’s a hassle at first but you are upgrading”

One Business leader said: “The idea is that [no-deal preparations] are in Businesses’ court now.”

Other comments included “shocking” and “embarrassing

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Impact of Brexit on the application of MiFID II/MiFIR for derivatives

The following MiFID II aspects are covered by ESMA in the link below:

  • the C(6) carve-out,
  • the ESMA opinions on third-country trading venues for the purpose of post-trade transparency; and
  • the position limits regime and post-trade transparency for OTC transactions.

This statement also covers the ITS on main indices and recognised exchanges under the Capital Requirement Regulation (CRR). The MiFID II “C(6) carve-out”

To be eligible to the exemption set out in Section C(6) of Annex I of MiFID II and not to be considered as a financial instrument, a derivative contract must meet three conditions:

  1. it must qualify as a wholesale energy product;
  2. it must be traded on an OTF; and
  3. it must be physically settled.

https://www.esma.europa.eu/sites/default/files/library/esma70-155-10962_statement_brexit_mifid_remaining_issues_2020_q4.pdf

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Powszechna Kasa Oszczędności Bank – MiFIR SI Transaction Reporting MIC Venue ‘BPKO’ update

Derivatives are now also included along with Bonds

  • Name: Powszechna Kasa Oszczędności Bank Polski S.A.
  • MIC: BPKO
  • LEI: P4GTT6GF1W40CVIMFR43
  • Asset Class types:
    • DERV (Derivatives) – from 08/10/2020
    • BOND (Bonds) – from 20/11/2018

Previously … just Bonds required the MIC ‘BPKO to be used as the value in the Transaction Reporting Systematic Internaliser Venue field … As per ESMA’s update 08Oct2020 … Derivatives have been added to the Asset Class types also requiring a Systematic Internaliser MIC Venue value of ‘BPKO

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Bank Polska Kasa Opieki adds derivatives to Systematic Internaliser asset class list

Latest ESMA update: 06/10/2020

  • MIC: PKOP
  • LEI: 5493000LKS7B3UTF7H35
  • Entity Name: Bank Polska Kasa Opieki S.A.
  • Service Names: 
    • BOND(Bonds) since 20/11/2018
    • DERV (Derivative) since 06/10/2020
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