This is not my area of expertise, but I read a comment on another subreddit that said that if the EU wanted to overtake London, it would need to designate a singular city as its financial hub. If that is true, the City still has bright days ahead because that is never going to fucking happen lmao
As someone working in banking in London, no shit. A lot of listings in the pipe as well. Even outside of listings, London is still incredibly attractive for funding – especially for young tech atm.
Great news.
Nooooooo it ISN’T supposed to *be* like this!
SHUT. IT. DOWN!
Decline has never happened overnight… Remember that time the Americans/Boeing were laughing at Airbus when it was launched?
You’re celebrating waaaaay too early. All the signals point to the fact that at some point financial services for EU businesses will have be regulated by EU regulators.
“The EU’s financial services chief has pledged to avoid market instability or a “cliff edge” over a decision on European banks’ ability to access UK clearing houses, comments that will raise investors’ expectations that Brussels is preparing an extension to its **temporary permit.**
[…]
However, the Irish commissioner also urged market participants to take seriously the commission’s demand that more euro-denominated derivatives business move to the EU over the longer term, following the UK’s decision to quit the single market.
**“We have to make sure that there is no instability in the short-term, but we also have to look at our long-term interests,” McGuinness said in an interview with the Financial Times. “They should read my lips and hear what I am saying. We do view this as a strategic issue for us in the medium, long term.”**
[…]
The problem for the commission is that there has been little sign of any shift in business towards EU financial capitals since the UK’s exit from the single market at the start of the year.
[…]
McGuinness acknowledged the lack of movement, saying it was not a surprise because **“there is no incentive, there is no bonus for them to do anything. They may only be looking at the cost.”**
However, she insisted: “Whatever happens around movement, which is still a point of discussion with us, **will not happen overnight, but we believe can happen over time.**”
While the EU valued London’s strength in clearing when the UK was part of the single market, the situation was now different, she said. “We need to take account of that, while not making any sharp or rash decisions — so no cliff edge,” she said, adding that the commission was “getting close to some public announcements, but we are not there just yet”.
[…]
McGuinness insisted the EU was not seeking to embroil financial services decision-making in the dispute over the UK withdrawal agreement.
**“At the moment we are not, if you like, using or will use financial services as a reaction,” she said. “But then we don’t exactly know what the UK are going to do next”. “**
Source: Brussels vows ‘no cliff edge’ over EU banks’ access to UK clearing https://on.ft.com/3mWPTMM
BTW, good luck enforcing decisions rendered by those “superior” common law English courts within the EU without any applicable international conventions, and finding enough talent with those visa restrictions!
6 comments
This is not my area of expertise, but I read a comment on another subreddit that said that if the EU wanted to overtake London, it would need to designate a singular city as its financial hub. If that is true, the City still has bright days ahead because that is never going to fucking happen lmao
As someone working in banking in London, no shit. A lot of listings in the pipe as well. Even outside of listings, London is still incredibly attractive for funding – especially for young tech atm.
Great news.
Nooooooo it ISN’T supposed to *be* like this!
SHUT. IT. DOWN!
Decline has never happened overnight… Remember that time the Americans/Boeing were laughing at Airbus when it was launched?
You’re celebrating waaaaay too early. All the signals point to the fact that at some point financial services for EU businesses will have be regulated by EU regulators.
“The EU’s financial services chief has pledged to avoid market instability or a “cliff edge” over a decision on European banks’ ability to access UK clearing houses, comments that will raise investors’ expectations that Brussels is preparing an extension to its **temporary permit.**
[…]
However, the Irish commissioner also urged market participants to take seriously the commission’s demand that more euro-denominated derivatives business move to the EU over the longer term, following the UK’s decision to quit the single market.
**“We have to make sure that there is no instability in the short-term, but we also have to look at our long-term interests,” McGuinness said in an interview with the Financial Times. “They should read my lips and hear what I am saying. We do view this as a strategic issue for us in the medium, long term.”**
[…]
The problem for the commission is that there has been little sign of any shift in business towards EU financial capitals since the UK’s exit from the single market at the start of the year.
[…]
McGuinness acknowledged the lack of movement, saying it was not a surprise because **“there is no incentive, there is no bonus for them to do anything. They may only be looking at the cost.”**
However, she insisted: “Whatever happens around movement, which is still a point of discussion with us, **will not happen overnight, but we believe can happen over time.**”
While the EU valued London’s strength in clearing when the UK was part of the single market, the situation was now different, she said. “We need to take account of that, while not making any sharp or rash decisions — so no cliff edge,” she said, adding that the commission was “getting close to some public announcements, but we are not there just yet”.
[…]
McGuinness insisted the EU was not seeking to embroil financial services decision-making in the dispute over the UK withdrawal agreement.
**“At the moment we are not, if you like, using or will use financial services as a reaction,” she said. “But then we don’t exactly know what the UK are going to do next”. “**
Source: Brussels vows ‘no cliff edge’ over EU banks’ access to UK clearing https://on.ft.com/3mWPTMM
BTW, good luck enforcing decisions rendered by those “superior” common law English courts within the EU without any applicable international conventions, and finding enough talent with those visa restrictions!
“73% upvoted” Lol.