Financial Services After Brexit

[@ravindertalwar553]

Congratulations 👏 And Best Wishes ❤️ for organizing such a Wonderful Event 🎉

[@Dwina5892]

Question UK at the moment combines 4 Countries but it's not United and likely to split and loose two of the countries that make it up will this effect London's Economic standing

[@brettmotlib2268]

The speakers in this discussion to me sounded very pragmatic. Alas not so the comment section.

[@Dwina5892]

Why would EU trust London or use it to run its finances. I think the EU will develop.it's own Centre. UK is not a stable Country likely with in next 2-5 year will only consist of England possibly Wales. Dumping Nth Ireland Protocol will reignite The Troubles deciding UK even more. You have a whole generation of under 35 in Scotland who see Scotland's future out of the UK, at the same time Covid19 has resisted older Unionists Supporters. I think with in 10 Years of 2016 the UK will be no longer.

[@billbailey1357]

Nothing to do with the EU , it is EU buisness that uses London, and they trust it, more so than they do the EU's politics. About the time this lecture was given the EU banks and financiers were writing to the EU telling them to grant equivalence to London or fact a financial 'cliff edge'. Don't equate the EU with Europe's businesses.

[@gloin10]

@@billbailey1357 "Nothing to do with the EU..."? It is everything to do with the EU. The European Central Bank(ECB) needs to be able to regulate trade in derivatives and stocks denominated in euro(€). The ECB, and the European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, are simply NOT going to allow this trade to take place outside the EU where it cannot be properly supervised. Your claim about that "...the EU banks and financiers were writing to the EU telling them to grant equivalence to London..." is best described as irrelevant. Back in reality, there is simply NO prospect of the EU granting "...financial equivalence to London..." Back in reality, the entirety of euro-denominated clearing will have to move from London to the EU by the end of 2025. This business is worth more than €90 TRILLION/per annum, for the London Stock Exchange alone.... Back in reality, the shift of assets, jobs and companies from the UK to various EU cities continues. Ireland saw its international banking sector benefit by more €200 billion, second only to Germany in terms of asset transfers.

[@sailor67duilio27]

Lovely a Brexit perspective from Brexit supporters. Perhaps what they have not said is that the EU wants to develop their own internal market for investments and raising investments. Although this is still emerging, the idea and the regulations slowly developing are just for this purpose. So London can think what they want, the EU know what the necessary future development of the financial market is. As long as the the risk of the Euro market is not managed in London all the rest is a gain. Once the EU has a unified integrated financial market there will be transfer of resources to the EU from London. It will take time but it will happen.

[@dghdavies]

Setting up another yet another EU based legal entity that is traded out of London, is not a "biggie" for participation by London based financial services holding companies.

[@Dwina5892]

Why would they trust UK Politcians to do that

[@Dwina5892]

Totally agree with you for the reason stayed but also with him 2 years of so UK will not be a United country. Highly likely Nth Ireland (due to mishandling of Protocol) and Scottish Independence UK is changing and contracting to England & Wales. UK is no longer a homogenous Country if it ever was

[@billbailey1357]

Interesting timing this, just as EU bankers and financiers write to the EU telling them that unless the EU grant equivalence to the City , the EU faces a financial 'cliff edge' and much increased costs for EU businesses when the current 'temporary' equivalence (renewed by the EU at least twice without negotiations) expires. I can only suggest that your point of view is the triumph of 'Hope over experience'.

[@sailor67duilio27]

@@billbailey1357 Then perhaps I may suggest that your point of view is founded on the mud banks of the Thames in London. Very shaky grounds. What you forget is that the EU is developing and improving all the time for the interest of EU citizens whilst the UK, City still works for the few. The EU is continuously building strong foundations for the members of the Union, it learns from mistakes but the path is always forward, interest of its members. The EU may not become a world financial centre but it will be able to handle the financial needs of the EU. A financial cliff edge, great we have heard for a long time this, after all it is mainly UK financial houses and anglophiles wanting not to lose what they currently have. Time will tell. There must be no equivalence. the UK and Brexit have made sure of that. Brexit has just started.

[@Dwina5892]

Will it be harder for UK Financial Centre to stay at top as EU builds its finances I am Centre?

[@billbailey1357]

No, because the EU couldn't organise a party in a brewery, AND no other city in Europe is capable of mounting a challenge, IF they were, do you think 1,500 EU companies would have applied for City licences as Brexit dawned? London, New York and Singapore are the 3 Financial centres that serve the globe, though they may compete in some matters, their geographical locations ensure that they remain supreme in their time zones. At least until another centre in the same area can compete. The best of the EU's competitors, Frankfurt is calculated to need 10 years just to get up to London's current infrastructure - ie IT links etc. One reason why the 'Project Fear' claim the City would leave was risible, and as anyone can see, was as mythical as Nissan closing Sunderland for the EU.

[@maxharbig1167]

Let's launder some money. çPç

[@billbailey1357]

Then give Juncker a call in Luxembourg if you don't want to launder if offshore but onshore and in a tax-haven the EU ignores. Which Euronews finds curious.

[@anyonehome8609]

No one is listening

[@anyonehome8609]

Blah blah blah