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"Europe has clearly won the battle for its own share trading" / 99.6% of trades shifted to the EU overnight [1 min]
04/01/2021
"Europe has clearly won the battle for its own share trading" / Aquis CEO Alasdair Haynes, from London's second-biggest venue for trading European shares, says 99.6% of trades shifted to the EU overnight — "a spectacular own goal" for Britain post-Brexit
Move by UK regulator seen as limiting relocation to EU’s financial centres.
Brexit bites into London’s FX trading as Singapore and New York seize City’s derivatives share
01/11/2022
London’s status as the global hub for FX and derivatives trading is under threat for the first time since Brexit.
Sadiq Khan urges government to strike financial services equivalence deal with EU.
Amsterdam surpassed London as Europe’s largest share trading centre last month, as Brexit led London to lose business.
London, at the heart of the UK’s service sector economy, may lose up to £9.5bn in economic output a year from Brexit.
London has been the unrivaled king of European finance for more than three decades. Brexit is starting to change that.
Britain’s finance industry is appealing for greater access to the European Union single market, amid fears that politics could leave large parts of the City of London shut out of Europe for good.
The U.K.’s departure from the European Union pushed more than 440 financial firms to move at least some of their operations, staff, assets or legal entities from Britain to the bloc.
Brexit means Brexit for the City of London
16/02/2021
As of 2021 UK financial firms lost access to the EU single market and now need regulatory equivalence to do business on the continent. Brexit really does mean Brexit for the City of London, writes John Ryan (LSE).
Brexit Opportunities Abound – Part 1
16/02/2022
As you may have noticed Jacob Rees Mogg Esquire – as no doubt he would style himself – has invited the public to submit suggestions on the theme of ‘Opportunities of Brexit’. I could not resist replying. Could I possibly suggest that you, after reading this, do the same?
Brexit pressure group forms to push for UK-EU equivalence as EU bankers demand market access
29/11/2021
Group launches to try and fix EU-UK friction post-Brexit.
First trading day since Brexit shows early damage to London / Aquis CEO is pessimistic about prospects for ‘equivalence’
House of lords says ‘significant challenges remain’ for the financial services sector.
Deadline to agree regulatory equivalence for financial services and allow business after Brexit likely to be missed.
The European Commission’s financial services head insisted that U.K. clearinghouses will get no further access to the bloc’s markets after 2025, knocking back the Bank of England governor’s calls for an indefinite trade route into the European Union.
Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence before the end of the Brexit transition period.
The European Union is unlikely to grant broad access for the City of London, and the flight of euro share trading from Britain to the bloc is permanent, UK bankers said on Monday.
The U.K.’s plan to review its financial rulebook undermines prospects of a deal with the European Union on post-Brexit market alignment, according to a leading EU lawmaker on the issue.
The European Union is set to block some countries from accessing parts of the bloc’s financial market for the first time...
This is the latest move in an ongoing battle from EU regulators to ensure more financial services business moves back to the bloc after the UK's split with the EU.
EU Brexit negotiator Michel Barnier complained of lack of respect and engagement by UK
The European Union’s chief Brexit negotiator rejected the U.K.’s latest proposals for financial firms to do business with the 27-nation bloc after Brexit, accusing Britain of trying to keep as many of the benefits of the single market as it can.
Financial services: Commission adopts equivalence decision for US central counterparties - European Commission
27/01/2021
The European Commission today adopted an equivalence decision determining that the United States Securities and Exchange Commission (SEC) regime for US central counterparties (CCPs) is equivalent to EU rules.
France is blocking a post-Brexit financial services deal between the EU and the UK until Boris Johnson’s government grants fishermen fair access to British waters, officials have claimed.
In the months after Boris Johnson signed his post-Brexit trade deal with the European Union, the coronavirus masked the economic damage of leaving the bloc. As the pandemic drags on, the cost is becoming clearer -- and voters are noticing.
Activity in first three months of year indicates UK's withdrawal from EU could remake financial centres across Europe in coming years. / A month after Britain voted to leave the European Union, Boris Johnson was asked whether he thought the finance industry would keep its rights to trade freely in the bloc. “I do, I do,” he told reporters. It was never that simple.
The U.K. and the European Union have yet to find a solution for the financial services industry after Brexit, and recent data suggests that Brussels may have the upper hand in negotiations.
'The final Brexit deal was effectively a no-deal Brexit for finance... this was a major mistake,' said Sadiq Khan.
The golden age of the City of London began with a big bang. It’s ending with a whimper.
The City of London’s will remain a global financial centre but may not see the ‘golden age’ again, according to NatWest bank chairman Howard Davies.
Equivalence permits for UK financial services unlikely to be ready by January 1st.
Talks to give U.K. financial services firms access to the European Union’s single market after Brexit have been put on hold, according to a government minister.
Sadiq Khan has called for the government to provide greater clarity for the City of London post-Brexit, with the mayor telling Rishi Sunak to “address the concerns of London’s financial and professional services sector”.
The City of London’s chief coping mechanism for dealing with Brexit’s threat to the financial services business is to dismiss the loss of jobs and investment as a trickle rather than a flood.
With Brexit complete, UK negotiators are now striving to reclaim selected access to EU financial markets.
The UK has signed a pact with the EU to increase co-operation on financial services. / It will set up a forum where the EU and UK can meet twice a year to discuss financial regulation and standards.
It is too early to tell if Britain’s financial rules post-Brexit will diverge too far from European Union norms to consider giving it access to the bloc’s markets, a senior EU official said on Tuesday.
What does no-deal Brexit mean? Consequences of UK leaving the EU without deal after Boris Johnson’s warning
16/10/2020
Britain has been told to prepare for a no-deal Brexit when the transition period ends on 1 January 2021, after trade deal talks reached an impasse.
Xavier Rolet says ‘boat has sailed’ on London clearing amid Brexit battle for trillion-euro business
23/02/2022
Mairead McGuinness, European commissioner for financial stability, financial services and the capital markets union, says Brexit equivalence on clearing is over in 2025.
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