Powernext has been granted the status of Recognised Overseas Investment Exchange (ROIE) for the United Kingdom by the British Financial Conduct Authority (FCA), effective 26 March 2019.
The ROIE status ensures that the French-based exchange will be able to continue operating its services related to derivatives trading in the UK, regardless of the consequences of the United Kingdom leaving the European Union (Brexit).
This follows the confirmation that Powernext’s clearing house, European Commodity Clearing (ECC) will benefit from the Temporary Recognition Regime by the Bank of England (BoE) which enables ECC to continue offering clearing services in the UK for three years after Brexit, should a No-Deal scenario materialise.
Egbert Laege (pictured), President of Powernext, says: “The obtainment of this license completes our efforts of offering business continuity to all our clients, also after a possible hard Brexit.”
All other exchanges of Deutsche Börse Group, Deutsche Börse AG, Eurex Frankfurt AG and European Energy Exchange AG have obtained the ROIE status recently.
