Kyte Broking and Market Securities Identify France for Strategic Post-Brexit European Activity
Kyte Broking Limited and its appointed representative, Market Securities LLP, press ahead with plans to ensure continuity and retain flexibility in a post-Brexit financial climate.
Press Release - London, 15 August 2018
Kyte Broking Limited and its appointed representative, Market Securities LLP announced today that France has been identified as the ideal location for the firms’ continued operation as the UK leaves the EU. Given that the firm has been operating from its Paris-branch location for the past 8 years, a smooth transition to AMF-regulated entity is anticipated.
Moving without delay, Market Securities have already named the leadership team for the French operation and are advancing its Brexit planning through a UK/France Brexit Working Group. The Paris order routing mechanics are already in place to allow orders to flow through Kyte Broking’s operations hub in London.
The French Financial Regulator, Autorité des Marchés Financiers (AMF), has been engaged for authorisation of the soon-to-be-incorporated French entity, with AMF approval expected at the end of 2018.
The AMF registration of Market Securities means that EU clients will be onboarded to the French entity. Conversations with the AMF have referenced a staged migration plan, to allow time for existing UK clients to be onboarded by the new standalone French entity. Irrespective of the AMF guidance, the firms’ onboarding teams are adequately staffed to absorb an increased workload in order to onboard clients before the March 2019 deadline. They will start papering as soon as approval from the AMF has been received.
As the European and UK governing bodies, Treasury, and regulatory bodies agree and define the vision for Brexit for financiers, Kyte Broking and Market Securities will adapt and refine their plans, as necessary. To this end, clients will be kept informed of any potential changes.
Kyte Broking Limited (“KBL”) is an IFPRU firm, providing liquidity discovery and execution services to the wholesale markets. The firm provides broking and agency execution services across most asset classes and products, providing access to regulated markets, multilateral trading facilities (MTFs), the KBL OTF and OTC liquidity pools. KBL executes on a matched principal, name give-up and on a pure agency basis.
Market Securities is a global, independent broker specialising in a broad range of financial products. The London office is an Appointed Representative of Kyte Broking Limited, an established mid-size, independent, FCA-regulated broker that has provided access to the world’s most prominent cash and derivative exchanges since 1985.
For all media enquiries, contact Michelle.Zak@kytebroking.com.