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10AM–12PM "Selling financial services from the UK to EU clients will not be allowed," BNP Paribas said last week as it announced it would create 400 new jobs in the EU.Around 330 financial firms had already relocated some business from Britain to the EU, affecting 5,000 staff by October last year, ahead of a short COVID-19 induced pause, said think tank New Financial.The Bank of England weighed in on Thursday, warning Brussels' move risked disruption to cross-border banking and derivatives trading come January, even if equivalence in other areas was agreed. "Selling financial services from the UK to EU clients will not be allowed," BNP Paribas said last week as it announced it would create 400 new jobs in the EU.Around 330 financial firms had already relocated some business from Britain to the EU, affecting 5,000 staff by October last year, ahead of a short COVID-19 induced pause, said think tank New Financial.The Bank of England weighed in on Thursday, warning Brussels' move risked disruption to cross-border banking and derivatives trading come January, even if equivalence in other areas was agreed. Our advertisements support businesses in our community and allow us to broadcast for free. Policy, news, jobs, contacts. (Reporting by Huw Jones; editing by Rachel Armstrong, Kirsten Donovan)
9:30AM–11:30AM This site is a beta, which means it's a work in progress and we'll be adding more to it over the next few weeks. The City of London is a city, ceremonial county and local government district that contains the historic centre and the primary central business district (CBD) of London.It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern city named London has since grown far beyond the formal City of London borders. "The industry continues to plan on the basis that there will be a minimalist approach to equivalence decisions," Lawlor said. Also on Twitter @City_McGuinness - Policy and Resources Chair @CityLordMayor - Lord Mayor of the City of London @SquareHighways - roads, planning, cleansing and more @VisitTheCity - visitor information, events and attractions; Apps.
Our advertisements support businesses in our community and allow us to broadcast for free. Remove; In this conversation "For business coming in, it all depends on how the UK authorities react to a world of what is effectively one way access," Herbst said.Britain's finance ministry has said it is ready to reach comprehensive findings of equivalence as soon as the EU is able to clarify its own position.But Conor Lawlor, Capital Markets and Brexit Director at banking lobby UK Finance, said lenders should focus on getting "match fit" for Britain's updated regulatory regime, which weaves EU financial rules into UK law, to avoid snarls next January. "Are you going to be comfortable with building a business model on that? 11:30AM–12PM Please consider adding our site to your adblocker's whitelist. "The best that can be expected is a few equivalence agreements by the end of the year," said Karel Lannoo, CEO of think tank CEPS in Brussels.Another big unknown is whether EU investors can continue trading EU listed shares on platforms run by Cboe, Turquoise and Aquis in London, rather than on a platform inside the bloc.All three have opened EU hubs as insurance, with final decisions on equivalence not expected until a wider free trade agreement that includes fisheries and other sensitive sectors is hammered out, something that is likely to drag on until at least October.Aquis is prepared for the worst case scenario of having to switch trading to its new Paris unit, its head of regulation David Attew said.The European Commission, which wants to deepen the bloc's own capital market, said the EU would grant access when it was in its own interests to do so.The "weaponisation" of equivalence so far was a taster of what's to come, a UK banking official said. "Britain also needs to decide what access EU firms will have to its financial markets. "Are you going to be comfortable with building a business model on that?
"The best that can be expected is a few equivalence agreements by the end of the year," said Karel Lannoo, CEO of think tank CEPS in Brussels.Another big unknown is whether EU investors can continue trading EU listed shares on platforms run by Cboe, Turquoise and Aquis in London, rather than on a platform inside the bloc.All three have opened EU hubs as insurance, with final decisions on equivalence not expected until a wider free trade agreement that includes fisheries and other sensitive sectors is hammered out, something that is likely to drag on until at least October.Aquis is prepared for the worst case scenario of having to switch trading to its new Paris unit, its head of regulation David Attew said.The European Commission, which wants to deepen the bloc's own capital market, said the EU would grant access when it was in its own interests to do so.The "weaponisation" of equivalence so far was a taster of what's to come, a UK banking official said.
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City of London must face Brexit hit, Barnier tells finance chiefs By James Crisp 30 Jun 2020, 5:41pm. LONDON (Reuters) - Britain's future access to European Union financial markets is looking increasingly patchy, as Brussels tries to limit the activities which can be carried out from London, prompting more business and jobs to cross the channel.The City of London's unfettered access to its biggest customer - worth around 26 billion pounds ($34 billion) annually - ends on Dec. 31 when Brexit transition arrangements expire.While London is expected to remain Europe's biggest financial centre with trillion-dollar foreign exchange trading and derivatives clearing staying put for now, recent moves by the EU to limit other trading activities to within the bloc have dashed the finance industry's hopes of a wider agreement.Central to the argument is whether Brussels deems UK financial rules "equivalent" or aligned with the EU's.
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