Jump to content
Join the Unexplained Mysteries community today! It's free and setting up an account only takes a moment.
- Sign In or Create Account -

City faces fresh post-Brexit blow


pellinore
 Share

Recommended Posts

The City of London faces another post-Brexit blow to its dominance after the EU moved to require firms to settle more financial-risk reducing trades within the bloc.

The plan centres on trades in securities known as derivatives, and on financial market clearing houses, the intermediaries that enable the transfer of funds to sellers and financial products to buyers. Handling trillions of transactions each year, they are deemed an essential part of financial market plumbing that reduces risk.

Since Britain voted to leave the EU in 2016, the subject has become a battleground, as Brussels seeks to end what it sees as an over-reliance of European firms on London for euro-denominated derivatives trades.

City faces fresh post-Brexit blow as EU moves to restrict certain trades | Financial sector | The Guardian

Edited by pellinore
Link to comment
Share on other sites

 
  • Replies 2
  • Created
  • Last Reply

Top Posters In This Topic

  • Ozymandias

    1

  • pellinore

    2

Popular Days

Top Posters In This Topic

As Michael O'Leary says, if isolationism worked, 'North Korea would be the world's most successful economy, and it isn't':

 

Edited by pellinore
Link to comment
Share on other sites

5 hours ago, pellinore said:

The City of London faces another post-Brexit blow to its dominance after the EU moved to require firms to settle more financial-risk reducing trades within the bloc.

The plan centres on trades in securities known as derivatives, and on financial market clearing houses, the intermediaries that enable the transfer of funds to sellers and financial products to buyers. Handling trillions of transactions each year, they are deemed an essential part of financial market plumbing that reduces risk.

Since Britain voted to leave the EU in 2016, the subject has become a battleground, as Brussels seeks to end what it sees as an over-reliance of European firms on London for euro-denominated derivatives trades.

City faces fresh post-Brexit blow as EU moves to restrict certain trades | Financial sector | The Guardian

This was on the cards once Brexit became a reality. The EU has always said that its reliance on the City cannot be allowed to continue to become long-term and it is actively seeking disengagement as painlessly as possible. European financial institutions have been pushing back, but the writing is on the wall.  

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.