The United Kingdom’s withdrawal from the EU will introduce significant regulatory, legislative and political change to the whole of the UK and will have an impact on all sectors of the economy.
The agreement governing the terms of the UK’s withdrawal from the EU introduced a transition period, which took effect at the moment the UK formally left the EU and which will last until 11pm on 31 December 2020.
During the transition period EU law continues to apply in the UK as though it were still an EU Member State. Therefore, access to the LME and LME Clear will remain unaffected during this period, as will members’ ability to provide services to their clients in the EEA.
Whilst the EU and the UK will also aim to conclude a trade agreement during the implementation period any such agreement will not govern the reciprocal cross-border provision and receipt of financial services. Accordingly LME Group has been engaging with the relevant European regulatory authorities in order to ensure it has taken the appropriate steps to ensure continuity of trading and clearing services into the EEA following the end of the transition period.
We welcome engagement from all those with interest in our market. Please direct any enquiries via email or your usual LME contact.