On 16 July, the Association for Financial Markets in Europe (AFME) published a briefing highlighting the risks that remain for the financial services sector in the event of a no-deal Brexit. The AFME identifies the following areas where further work is needed to mitigate risks of a no-deal scenario and minimise disruption to markets and clients:

• access to UK CCPs;
• share and derivative trading obligations;
• continued servicing of existing contracts and national contingency measures;
• clarification of interdealer trading;
• impact of a split MiFID regime, in particular concerning post trade transparency reporting, regime calibration impacts, and transaction reporting; and
• operational challenges of a mid-week exit