UK-based trading venues are beginning
preparations to set up in the EU, industry sources told IFLR,
as the chances of a no-deal Brexit remain possible following
the UK Parliament’s lack of support for the agreed
deal. But equivalence may not be enough to keep them in the
"We are in process of setting up an
multilateral trading facility [MTF] in the Netherlands," said
Jason Waight, head of regulatory operations at Market Axess.
"From day one it will look very similar to our UK MTF and if
there is a hard Brexit, we will move clients onto our Dutch
MTF. From a liquidity point of view, everything remains broadly
Even with equivalence agreed, Waight said that they will go
ahead with plans to establish an MTF inside the EU. Concerns
are that equivalence has a number of limitations including that
it can be revoked with little notice and would not...