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Daiwa, bye bye UK, hello Frankfurt

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    Daiwa, bye bye UK, hello Frankfurt

    Subscribe to read | Financial Times
    Daiwa is the latest Japanese bank to migrate trading operations to Frankfurt from London, as the nation’s financiers move ahead with their Brexit contingency plans with only six months to go and no deal with the EU in sight.

    Daiwa Capital Markets Deutschland, as the new subsidiary is known, is fully functional and the bank’s primary EU hub, backed with its own specific pool of capital and complete with 25 transferred or locally hired staff. The bank still employs about 450 people in the securities business in London.

    “We fully expect to be in a position to provide clients in the European Economic Area with all the products and services we currently provide out of London, whatever form Brexit takes,” said Grant Lewis, who managed the process for the bank from the UK. “In future, EEA clients’ sales coverage will come from Frankfurt and they will be able to book trades with the German entity.”

    The development comes as Japanese prime minister Shinzo Abe has underlined that Brexit removes the UK’s role as a gateway to Europe, despite the country’s other strengths, and reflects a proactive role taken by Japanese banks to be prepared for the split.

    Daiwa’s move follows that of fellow Japanese lender Nomura, which has set up a licensed trading hub in Frankfurt and is in advanced talks with French regulators about using Paris as a post-Brexit European lending entity.

    Establishing a presence in Frankfurt involves going through what one banker called a “tough but fair” vetting and approval process from Germany’s banking regulator.

    Hubert Väth, who runs the marketing group Frankfurt Main Finance, said Japanese banks are nonetheless drawn to the city and noted that they were “way ahead of everybody else” in seeking to get established.
    Fook business

    #2
    It’s only 25 high paying jobs, so who cares???

    Comment


      #3
      Originally posted by AtW View Post
      It’s only 25 high paying jobs, so who cares???
      "Daiwa Capital Markets Deutschland, as the new subsidiary is known, is fully functional and the bank’s primary EU hub, backed with its own specific pool of capital and complete with 25 transferred or locally hired staff. The bank still employs about 450 people in the securities business in London."
      Originally posted by Old Greg
      I admit I'm just a lazy, lying cretinous hypocrite and must be going deaf
      ♕Keep calm & carry on♕

      Comment


        #4
        It 5-10 years staffing levels will be the other way around, but that’s too far in the future for a Brexiteer to think?

        Comment


          #5
          Originally posted by AtW View Post
          In 5-10 years, staffing levels will be the other way around, but is that too far in the future for a Brexiteer to think?
          Ftfy
          What assumptions are you making, when making that statement?


          BTW - Is that what your business is planning?
          Originally posted by Old Greg
          I admit I'm just a lazy, lying cretinous hypocrite and must be going deaf
          ♕Keep calm & carry on♕

          Comment


            #6
            Originally posted by Bean View Post
            What assumptions are you making, when making that statement? BTW - Is that what your business is planning?
            Read the article, moron: "The development comes as Japanese prime minister Shinzo Abe has underlined that Brexit removes the UK’s role as a gateway to Europe"

            Banking will be even more heavily regulated in the future, UKs own market for securities will be fraction of EU/US, so permanent movement in the future is all but guaranteed.

            My business is lucky in that the service we sell does not currently require local licensing in EU (or US).

            If taxes keep going up then I might just decide to GTFOH myself.

            Comment


              #7
              Originally posted by AtW View Post
              Read the article, moron: "The development comes as Japanese prime minister Shinzo Abe has underlined that Brexit removes the UK’s role as a gateway to Europe"

              Banking will be even more heavily regulated in the future, UKs own market for securities will be fraction of EU/US, so permanent movement in the future is all but guaranteed.

              My business is lucky in that the service we sell does not currently require local licensing in EU (or US).

              If taxes keep going up then I might just decide to GTFOH myself.
              You didn't quote anyone and/or the article - you stated it as your personal opinion, hence why I asked you, you moron.

              and your reply added even more assumptions

              By all means, if you think capitalist business shouldn't contribute taxes (after making a profit) towards improving society, please, GTFOH.

              HTH BIDI
              Originally posted by Old Greg
              I admit I'm just a lazy, lying cretinous hypocrite and must be going deaf
              ♕Keep calm & carry on♕

              Comment


                #8
                Originally posted by Eirikur View Post
                Daiwa Capital Markets Deutschland, as the new subsidiary is known, is fully functional and the bank’s primary EU hub, backed with its own specific pool of capital and complete with 25 transferred or locally hired staff. The bank still employs about 450 people in the securities business in London.
                So they are setting up an EU hub, which will be one eighteenth of the size of the London operation. Not exactly "bye bye UK", is it? The words "clutching" and "straws" spring to mind. Tedious and desperate, even by your standards...
                His heart is in the right place - shame we can't say the same about his brain...

                Comment


                  #9
                  Originally posted by Mordac View Post
                  So they are setting up an EU hub, which will be one eighteenth of the size of the London operation. Not exactly "bye bye UK", is it? The words "clutching" and "straws" spring to mind. Tedious and desperate, even by your standards...
                  Yeah, it’s like them handful of troops landing in Normandy - not exactlya full scale invasion, right?

                  Comment


                    #10
                    Starts small, gets bigger...

                    Brexit is having a wee in the middle of the room at a house party because nobody is talking to you, and then complaining about the smell.

                    Comment

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