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European regulator removes approval for UK-based credit rating agencies

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The European Securities and Markets Authority (ESMA), the supervisor of European Union (EU) credit rating agencies (CRAs) and trade repositories (TRs), has withdrawn the registrations of the following UK-based CRAs. The withdrawals are a direct consequence of Brexit.

ESMA’s decision came as the UK’s transition period came to an end (31 December).

The credit rating agencies listed are: AM Best Europe-Rating Services Ltd; DBRS Ratings Ltd; Fitch Ratings Ltd; Fitch Ratings CIS Ltd; Moody’s Investors Service Ltd; The Economist Intelligence Unit Ltd.

And the following UK-based trade repositories listed are: DTCC Derivatives Repository Plc; UnaVista Limited; CME Trade Repository Ltd; and, ICE Trade Vault Europe Ltd. 

The CRA (Credit Rating Agency) Regulation and the European Market Infrastructure Regulation (EMIR), as well as the Regulation on the transparency of securities financing transactions and of reuse (SFTR), require ESMA to withdraw the registration of a firm where it no longer meets the conditions under which it was registered, including being a legal entity established in the EU.

Trading in European shares leaves London

Meanwhile, trading in European shares moved almost entirely to European exchanges on the first day of trading in the new year (4 January). The move represents almost $6 billion in trades.

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