FIA transfer protocol sets Brexit plans in motion

Some banks set to begin transferring clients to EU affiliates next month

Brexit
Customer transfers will get underway in October

Dealers in the UK are expected to start transferring client positions to European Union affiliates as early as next month, using a shortcut released by FIA, the futures trade body.

Contingency plans drawn up by UK financial firms call for EU customers to be moved to affiliates and branches on the continent. The transfer protocol developed by FIA Tech – a subsidiary of the trade association – is designed to make that simpler by bundling up and automating changes to legal contracts known as give

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