Farewell the City of London

[eek]

Not that I post in this forum but this is too important not to share

The EU & US do deal to open up EU financial markets to US banks.


As UK banks have only time limited access to EU financial markets it is likely that without a deal UK clearing banks will lose out to EU & US banks putting at risk London’s role as dominant financial centre.


And that's before the impact of withdrawing from lots of data and intelligence sharing agreements, London might be unable to deal with countries outside the EU as their companies will need proper audit trails and the ability to spot/deal with financial crimes.


There's not enough dodgy Russians and Sheikhs to make up for that potential revenue loss.

I do wonder how financial services contractors are going to cope and look forward to Tarbera's comments.

[TestMangler]

Not that I post in this forum but this is too important not to share



I do wonder how financial services contractors are going to cope and look forward to Tarbera's comments.

<vetran, Shaunbhoy, Mordac> So who cares if a few people lose their jobs. It's a price worth paying to be free of unelected bureaucrats. We can make our own laws and trade globally and have millions of sovrinty n'that, innit. </vetran, Shaunbhoy, Mordac>

[AtW]

Can’t even fooking buy US shares today via HL

[ladymuck]

Is there a source for that quote?

[cojak]

EU opens up to US clearing houses in blow to City of London : CityAM

(but not that quote re dodgy Russians)

[AtW]

“ “This decision is a significant first step in the process of recognising US central counterparties registered with the US Securities and Exchange Commission in the European Union.”

[BlasterBates]

Apparently in the EU derivatives are already being traded in the US because the advantage of London has gone. The UK is just yet another 3rd country, and if you have all the 3rd country hassle you may as well go to the US because it's the cheapest place to trade them.

[Mordac]

<vetran, Shaunbhoy, Mordac> So who cares if a few people lose their jobs. It's a price worth paying to be free of unelected bureaucrats. We can make our own laws and trade globally and have millions of sovrinty n'that, innit. </vetran, Shaunbhoy, Mordac>

We now get to elect those who tax* and pass laws over us. The same can't be said of those who will wake up one day soon to discover they don't. They may not actually care, but if they do, Europe is in for a very rough time.

*The EU doesn't control taxation yet, but if anyone doubts there will be some form of centralised EU taxation in the next decade or so is more of an optimist than a realist.

[AtW]

Centralised taxation in EU is the only way to prevent some local fookers from being elected and changing taxes massively (not cutting them obviously), remember that when Labour wins election here and increased taxes on top of “pro-business” Tory party increases