I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control.
The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
If business is done in Paris then the markets are in Paris, and within the control of Brussels.
That’s a first step, the pressure will continue to mount. I can assure you that the EU will make sure to claw back control of their markets.
Clearing deadline extended to 2028 it seems. https://removepaywalls.com/https://www.ft.com/content/3cad1c8d-0478-47d3-a2e1-9bae066de647
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control. The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
The UK firms just beefed up desks in the EU… They are all fully compliant and operate within the EU. Like LCH SA.
How can the EU stop those firms?
Why would they want to stop them? They want them within the EU, so… mission accomplished?
The profits get booked in London, the markets stay in London
If business is done in Paris then the markets are in Paris, and within the control of Brussels. That’s a first step, the pressure will continue to mount. I can assure you that the EU will make sure to claw back control of their markets.
No, the market is in London. The button gets pushed in Paris is all.
Do you think that the rest of the EU27 are thick as mince and will allow that?
Where will they relocate it to? The UK is concentrated, the EU is fragmented