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Tory Brexit DOOM™: Bloodbath in the City

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    Tory Brexit DOOM™: Bloodbath in the City

    Brexit: Stripping London of £800bn clearing business could cost investors £80bn, says London Stock Exchange

    Two prominent City of London figures have warned EU leaders about the dangers of stripping London of the lucrative euro clearing trade after Brexit.

    A proposed move could cost investors €100bn (£83bn) over five years, Xavier Rolet, chief executive of the London Stock Exchange, said on Monday. Seperately, Michael Spencer, founder of broker Icap described the proposal as, "a real nasty piece of economic nationalism and protectionism".

    Clearing is a process whereby trades go through an organisation known as a clearing house which holds collateral centrally and ensures transactions go ahead in the event of a default. It is designed to prevent a domino effect where the default of one counterparty causes a string of losses for others

    More Tory Brexit DOOM™ from the newspaper owned by a son of former (now multi-millionaire) top KGB official in London: Brexit: Stripping London of £800bn clearing business could cost investors £80bn, says London Stock Exchange | The Independent

    #2
    It makes no sense whatsoever for €/Euros to be cleared through a non EU country.
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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      #3
      Originally posted by scooterscot View Post
      It makes no sense whatsoever for €/Euros to be cleared through a non EU country.


      Deary me, scooty. Understanding something before commenting upon it is an excellent principle. Can you spell "systemic risk"?

      BTW, those other Euro clearing centres say hi. As do those various clearing centres for other, non-Euro, currencies

      Comment


        #4
        Originally posted by jamesbrown View Post
        Can you spell "systemic risk"?
        Systemic risk is to let it stay in London where any time Labour Govt can come in and introduce tax on transactions...

        It will move, just a question when - certainly within next 10 years, most likely sooner because there is a lot of money to be gained by EU from the move.

        Brexit means Brexit...

        Comment


          #5
          Originally posted by AtW View Post
          Systemic risk is to let it stay in London where any time Labour Govt can come in and introduce tax on transactions...
          Thought that was a European initiative that the UK was against
          How fortunate for governments that the people they administer don't think

          Comment


            #6
            Labour is for it.

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