On 15 September 2020, the ISDA published a paper recommending that the EU and the UK recognise the equivalence of each other’s derivatives trading venues in order to mitigate the impact of the UK’s withdrawal from the EU. The paper explains that equivalence is the best solution for addressing conflicts and avoiding fragmentation of liquidity in over-the-counter derivatives markets, by setting out the limitations of the other mitigating actions that have been proposed in the event that equivalence is not granted.