The FIA European Principal Traders Association (FIA EPTA) and the FIA Principal Traders Group (FIA PTG) appreciate the opportunity to respond to HM’s Treasury Call for Evidence on the UK’s Overseas Framework. FIA EPTA and FIA PTG are supportive of HM Treasury’s current overseas framework and the call to provide industry insight on how to continue and create flexible approaches for non-UK firms to access various UK markets and exchanges. We would like to use this opportunity to set out why we support this approach and how we believe it would benefit UK financial markets and FIA EPTA and FIA PTG members holistically.
From HM’s Treasury Call for Evidence publication, we understand that there is an interest in gathering information on distinct regulatory regimes, including the overseas person exclusion (OPE) and investment services equivalence under the Markets in Financial Instruments Regulation (MiFIR). The two regimes would further benefit the UK markets in so far as allowing our members direct access to such markets. Prior to Brexit, the City of London was a vibrant trading hub that linked 24-hour global markets. Our members believe the City of London will remain the key marketplace connecting the Americas, Europe, and Asia Pacific. We strongly hope the current flexible approach from the UK remains in place as a leading precedent for the rest of the world on open markets.
