• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

So long and thanks for all the fish

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    So long and thanks for all the fish

    Subscribe to read | Financial Times

    EU share trading flees London on first day after full BrexitBusiness rerouted to newly created European hubs and primary exchanges

    For decades, London-based trading systems and big investment banks have been at the heart of cross-border share trading

    London’s financial sector started to feel the full effects of Brexit on the first trading day of 2021 as EU share trading shifted away from the City to facilities in European capitals.Trading in equities such as Santander, Deutsche Bank and Total moved back to primary exchanges such as the Madrid, Frankfurt and Paris stock exchanges, according to early data from Refinitiv — an abrupt change for investors in London, who have grown accustomed to trading shares in Europe across borders without restrictions.Hubs for euro-denominated share trading in London, including Cboe Europe, Turquoise and Aquis Exchange, all rapidly shifted business to their new EU marketplaces set up late last year to cater for the end of the Brexit transition.“It’s a testament to years of hard work that everyone’s prepared and it’s all going very smoothly,” said Aquis.Cboe Europe said about 60 per cent of its total business was now in Amsterdam, compared with very little last year. Aquis said “virtually all” euro-denominated share trading had shifted to Paris overnight. Turquoise, controlled by London Stock Exchange Group, also saw most of its EU business transition to Amsterdam. Very little business had traded on the venues before the transition period ended.RecommendedFT SeriesFuture of the City Future of the City: how London’s reach will shrink after Brexit“All our systems are operating normally and, as expected, the majority of activity in EEA-symbols is now taking place on our Dutch venue, with activity across all our market segments,” said David Howson, president of Cboe Europe, referring to European Economic Area-based stocks.For decades, London-based trading systems and big investment banks have been at the heart of cross-border share trading, with up to 30 per cent of all EU shares traded across the continent passing through the City.But the UK’s trade deal with the EU largely omitted financial services. UK prime minister Boris Johnson admitted the agreement had failed to meet his ambitions on financial services. The EU had refused to recognise most of the UK’s regulatory systems as “equivalent” to their own, forcing all euro-denominated business to move back to the bloc.With financial services outside the UK-EU trade talks, share trading executives in London expected little from EU regulators and had been prepared for several years to trade as if the UK had left the EU with “no deal”.

    #2
    Not going to be great for high frequency trading, Shirley?

    BP and Churchy will have to find another job, in hated EUSSR...

    Comment


      #3
      Project fear, nothing to do with brexit, good riddance to their EU superstate money, they need us.

      Did I miss any ??
      When freedom comes along, don't PISH in the water supply.....

      Comment


        #4
        It's all part of Boris's Official Agenda to level down the City in order to achieved promised level to the Shires.

        And if you don't like it go to Yorkshire and get a tea leaf picking job.

        Comment


          #5
          So much for the importance of the City.

          Brexit ‘big bang’ to trigger tectonic trading rift in Europe – EURACTIV.com


          “It’s not the start of the end of London, but it’s pretty bloody embarrassing and a huge own goal for Britain,” said Aquis’ Haynes.
          Last edited by BlasterBates; 4 January 2021, 20:49.
          I'm alright Jack

          Comment


            #6
            The problem the EU has got is they cannot agree on a hub. Paris, Frankfurt or Madrid.

            Note they only talk about share trading. I seem to remember that 25 years ago this accounted for half a percent of City turnover?

            Its a bit like talking about UK fishing rights when its such a small part of the UK economy.

            Comment


              #7
              Originally posted by BrilloPad View Post
              The problem the EU has got is they cannot agree on a hub. Paris, Frankfurt or Madrid.

              Note they only talk about share trading. I seem to remember that 25 years ago this accounted for half a percent of City turnover?

              Its a bit like talking about UK fishing rights when its such a small part of the UK economy.
              So Brexit is only impacting the share trading aspect of UK financial services trade?

              Comment


                #8
                Originally posted by BrilloPad View Post
                The problem the EU has got is they cannot agree on a hub. Paris, Frankfurt or Madrid.

                Note they only talk about share trading. I seem to remember that 25 years ago this accounted for half a percent of City turnover?

                Its a bit like talking about UK fishing rights when its such a small part of the UK economy.
                There is no need to agree to a single hub, each EU member is an independent nation within a club run by its members. When the UK was a member, it suggested the single market. The UK now decides the single market is not in its interests. 99.9% of EU trades left the UK overnight.

                The UK chose to negotiate about fishing because it was important and chose not to negotiate about financial services because it was not important. You get the government that you voted for.

                Meanwhile, ministers and MPs collect there German, French and Italian passports and buy Maltese passports as a last resort. There is no more room in the lifeboats and Europe don't want the Brits back.
                "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

                Comment


                  #9
                  Fish war has started: Donegal vessel blocked from fishing around Rockall

                  Sent from my 5g carrier pigeon
                  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


                    #10
                    FISH WARS!!!

                    Comment

                    Working...
                    X