Germany’s Deutsche Börse Group announced on Monday that its newly formed UK-based trade repository, REGIS-TR UK LTD, has started reporting to comply with local rules as Britain separated from the European Union.

The German financial market organizer incorporated the UK-based franchisee of its pan-European REGIS-TR S.A. in March 2019 to continue reporting services for its British clients.

“REGIS-TR UK offers a highly competitive and efficient reporting service to all participants with a UK reporting flow,” the newly formed company’s CEO, John Kernan said in a statement.

“The philosophy of REGIS-TR UK is to offer participants a fresh, client-centric alternative for their UK reporting needs; a message that I am delighted is resonating with participants given the large number of account opening requests we have received from both new and existing clients. In this regard, I am extremely excited to be leading our UK business as it enters a period of exponential growth and expansion.”

Financial Services and  Brexit  Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades. The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter.  While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal.  Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time.  Brexit Creating Ongoing Issues in with Europe While the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021. Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy.  For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades. The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter.  While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal.  Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time.  Brexit Creating Ongoing Issues in with Europe While the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021. Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy.  For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Read this Term

The United Kingdom decided to leave the European Union in 2016 with a referendum, but the parties took around four years to draft an exit deal due to the complexity of the matter.

With the expiry of the transition on December 31, 2020, the UK finally ended its ties with the 27-country bloc, but the deal left out financial services, a sector where the two parties were heavily interdependent. For a smooth transition of financial companies, regulators of both sides published rules, and the companies were also preparing to retail their customers on the other side.

“The UK continues to be a major player in European and global finance even when separated from the EU, and it is paramount that we maintain continuous and unified services for our UK clients and the market,” REGIS-TR Chairman, Phil Brown said.