The latest Brexit update is that in a vote of 328 to 301, the British Parliament voted to introduce a bill that would seek to prevent the UK from leaving the EU without a deal on October 31, 2019. In other words, this legislation aims to prevent a no-deal Brexit.
While more certainty of a deal might put some people's minds at ease, many EU traders trading with brokers licensed to operate in the UK are still wondering what this will mean for them. Will trading conditions change? What will happen to their open trades? Should they be considering different brokers?
While conditions may be subject to change as the UK and EU negotiate an exit deal, we have answered the most common client questions below with the information that is currently available to us.
What will happen to open trades on October 31?
All transactions you enter into with Admiral Markets UK Ltd prior to the UK leaving the EU will remain enforceable and will be honoured by Admiral Markets UK Ltd.
Will traders still be able to hold accounts with Admiral Markets UK Ltd?
YES, if you choose to continue to trade with Admiral Markets UK Ltd following the UK's exit from the EU, you will be able to do so.
However, these traders will no longer benefit from the protections offered by the rules and regulations of the EU, and instead would benefit from the protection given by the legal and regulatory framework of the UK. At the time of leaving the EU, the UK regulatory framework will be in line with that in place throughout the EU.
Will UK trading terms be different to EU trading terms?
Post Brexit, the UK will be treated as a separate country in terms of EU treaties, and therefore no ESMA regulations will apply. However, the UK has set permanent restrictions for CFD trading, which mirror those in line with restrictions imposed by EU regulators.
Can traders trade under a different Admiral Markets company?
Admiral Markets UK Ltd is part of the Admiral Markets Group of companies, a leading online trading and investments provider with four international companies. Our philosophy is simple: one world - one broker.
These companies are each regulated and supervised by the relevant state authorities, and may offer different conditions in terms of margin requirements, product offerings and negative balance protection.
These companies include two additional EU-regulated companies, through which we can continue to provide services in the event of a no-deal Brexit.
Clients of the Admiral Markets Group of companies have the right to choose the company that offers the best conditions for their needs, and this will continue to be the case following the UK's withdrawal from the EU.
YES, the choice is yours! See our terms here.
Who can traders contact for support?
Your customer support contacts will remain available following the UK's exit from the EU, so you will have access to the support you need via phone, email and live chat.
Please feel free to get in touch if you have any further questions.
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