UK plans to introduce border controls on EU goods after post-Brexit transition

[CG1 Blue]

5 hours ago, TheDark said:

Even Thailand has more population than England has. Once the living, educational and other standards in Thailand rises, it will surpass England, especially because her Asian connections. That's the real reason why Thai baht has been rising recently compared to western countries.

Errr...ok ????‍♂️

[izod10]

6 hours ago, Rookiescot said:

Why would it take years? Why is England better at that stuff than the Germans or French?

Really looking forward to reading the reply.

You are too funny you irash.  Why there must be at least 6 of yerselves? following each other quoting The Guardian  lol.  Now the theme is always the same-same and has been as wrong as it possibly could be for an age now,it is funny tho

  Never mind eh! but there is one irashman tho missing,just wonder where he is,goes by the name" Slab"  also known as "Gormless Mick".Please if you sight him,ask him to re-join the thread.

   Thank You

[adammike]

29 minutes ago, CG1 Blue said:

I didn't say English. There are plenty of Scots working in London's financial district - a disproportionate number in fact. 

Show me where I or my fellow brexiteers on here championed Stilton cheese and UK robotics, and I'll respond. 

 

Tell me, would you say that Scotch Whiskey is the best in the world? And if so, why would that be? Why are Scotland good at making whiskey? 

It's whisky from scotland and it's the water.

[melvinmelvin]

48 minutes ago, CG1 Blue said:

And you're entitled to that opinion. Mine is based on 30 years in financial services. I only left a year ago, so I have also seen and worked with the new kids on the block. Yes the maths geeks and programmers can work remotely. But the real business is done (winning the big mandates etc.) face to face still. If a bank wants to win a multi-billion dollar financing mandate for Blackrock they send in their team of experts in finance, risk, algos etc. etc.

And they meet in central London where the heavyweight managers and financiers want to live and work. Certainly not in grim Frankfurt. And as for Paris, the French have a long established reputation for over-regulation and risk aversion in financial products. They are too restrictive. 

 

We shall see, but I stand by my opinion that the EU and the UK will reach an agreement, mainly to avoid the huge negative impact of not doing so. 

 

kinda OT,

but fancy asking; re Lloyds - reinsurance - ships

are the guys still walking around in the City with paper slips with data in pubs eateries etc etc

or is that a parked habit now?

 

[melvinmelvin]

11 minutes ago, adammike said:

It's whisky from scotland and it's the water.

an OT anecdote;

 

I have many books, one of them outlines

in great detail (thick book in large format - packed with colour photos)

how to make real/proper whisky (note - no e) at home

this huge book, ends with saying

This is how you could do this at home - don't ever try - ain't worth it.

 

[Rookiescot]

3 hours ago, CG1 Blue said:

I didn't say English. There are plenty of Scots working in London's financial district - a disproportionate number in fact. 

Show me where I or my fellow brexiteers on here championed Stilton cheese and UK robotics, and I'll respond. 

 

Tell me, would you say that Scotch Whiskey is the best in the world? And if so, why would that be? Why are Scotland good at making whiskey? 

OK what makes people in the UK better at financial services than French or German people?

 

There is no Scotch whiskey. There is however Scotch whisky. The quality and flavour of which is determined by the water source. So its not a unique ability inherent in Scots that makes a difference. Its the raw materials.

[izod10]

18 minutes ago, Rookiescot said:

OK what makes people in the UK better at financial services than French or German people?

 

There is no Scotch whiskey. There is however Scotch whisky. The quality and flavour of which is determined by the water source. So its not a unique ability inherent in Scots that makes a difference. Its the raw materials.

Id say its the unique and inherent DNA that makes the irash so damned thick

[Logosone]

5 hours ago, CG1 Blue said:

And you're entitled to that opinion. Mine is based on 30 years in financial services. I only left a year ago, so I have also seen and worked with the new kids on the block. Yes the maths geeks and programmers can work remotely. But the real business is done (winning the big mandates etc.) face to face still. If a bank wants to win a multi-billion dollar financing mandate for Blackrock they send in their team of experts in finance, risk, algos etc. etc.

And they meet in central London where the heavyweight managers and financiers want to live and work. Certainly not in grim Frankfurt. And as for Paris, the French have a long established reputation for over-regulation and risk aversion in financial products. They are too restrictive. 

 

We shall see, but I stand by my opinion that the EU and the UK will reach an agreement, mainly to avoid the huge negative impact of not doing so. 

 

 

The exodus of assets and jobs from the City to Europe has already been under way for some time. 1.3 Trillion GBP and 7000 jobs are no longer in the City because of Brexit according to a study of Ernst & Young. 

 

https://edition.cnn.com/2019/03/20/business/brexit-economy-bank-assets/index.html

 

https://uk.reuters.com/article/uk-britain-eu-banks/trillion-pounds-of-assets-leave-london-ahead-of-brexit-ey-idUKKCN1R114E

 

https://www.bloomberg.com/news/articles/2019-01-07/brexit-spurs-1-trillion-asset-moves-to-eu-from-london-ey-says

 

This is only pre UK-EU negotiation. Depending on how the talks go, if indeed there will be no deal, given that the exodus was due to fear of a no deal, an actual no deal happening would most likely see more assets and jobs moved to Europe.

 

It does not matter how regulated Paris is, the whole of the EU is already massively overregulated. The key point is that the distributors of BlackRock funds that you mentioned HAVE to sell their retail funds where the clients are, and the bulk of the population of the EU is, well, in the EU. 

 

Sadly, I agree though that the EU and the UK will most likely strike a deal due to the consequences of not doing so for both sides. I will not be surprised if the EU negotiators miss this golden chance to weaken the City for centuries to come. All they'd have to do is take Euro trading away from London and the City would see 230,000 jobs lost forever, and its' reputation as a Forex hub shattered. Then close the EU for distribution of UK products and UK service providers. In the blink of an eye a large portion of the shiny foreign banks and service providers would leave the UK to ensure their products benefit from passporting, which would be taken away from the British service providers. The City could be destroyed by Europe, if they had the political will and understanding of financial services required. They probably don't, sadly.

Edited March 3, 2020 by Logosone

[Rookiescot]

7 minutes ago, Logosone said:

 

The exodus of assets and jobs from the City to Europe has already been under way for some time. 1.3 Trillion GBP and 7000 jobs are no longer in the City because of Brexit according to a study of Ernst & Young. 

 

https://edition.cnn.com/2019/03/20/business/brexit-economy-bank-assets/index.html

 

https://uk.reuters.com/article/uk-britain-eu-banks/trillion-pounds-of-assets-leave-london-ahead-of-brexit-ey-idUKKCN1R114E

 

https://www.bloomberg.com/news/articles/2019-01-07/brexit-spurs-1-trillion-asset-moves-to-eu-from-london-ey-says

 

This is only pre UK-EU negotiation. Depending on how the talks go, if indeed there will be no deal, given that the exodus was due to fear of a no deal, an actual no deal happening would most likely see more assets and jobs moved to Europe.

 

It does not matter how regulated Paris is, the whole of the EU is already massively overregulated. The key point is that the distributors of BlackRock funds that you mentioned HAVE to sell their retail funds where the clients are, and the bulk of the population of the EU is, well, in the EU. 

 

Sadly, I agree though that the EU and the UK will most likely strike a deal due to the consequences of not doing so for both sides. I will not be surprised if the EU negotiators miss this golden chance to weaken the City for centuries to come. All they'd have to do is take Euro trading away from London and the City would see 230,000 jobs lost forever, and its' reputation as a Forex hub shattered.

If the UK had agreed to stay aligned with EU standards then yes I think a compromise on financial services would have been found.

The fact that the UK and its ultra hard Brexit government has rejected this means the EU will be in no mood to accommodate.

Why would they? They could have all those jobs and tax receipts for themselves. Any detrimental effects on the UK will be met with a shrug of the shoulders and a "Well you guys voted for it" response.  

[izod10]

27 minutes ago, Rookiescot said:

If the UK had agreed to stay aligned with EU standards then yes I think a compromise on financial services would have been found.

The fact that the UK and its ultra hard Brexit government has rejected this means the EU will be in no mood to accommodate.

Why would they? They could have all those jobs and tax receipts for themselves. Any detrimental effects on the UK will be met with a shrug of the shoulders and a "Well you guys voted for it" response.  

What a load of bloody rot,from the original,all irash claptrap ratbags, just do not know why do not pack up,all copy and paste,usually from the leftie rag The guardian (that nobody reads ,or opens to read the downloaded <deleted>

  Its France France alone that are creating headaches, because they have just around 2%  imbalance in trade,the rest far far more.  Any trade deal will bring far more  far more advantages to the UK.

 

   keep up the claptrap  ,Has daft paddy or gormless Mick joined up yet?

[Logosone]

7 minutes ago, Rookiescot said:

If the UK had agreed to stay aligned with EU standards then yes I think a compromise on financial services would have been found.

The fact that the UK and its ultra hard Brexit government has rejected this means the EU will be in no mood to accommodate.

Why would they? They could have all those jobs and tax receipts for themselves. Any detrimental effects on the UK will be met with a shrug of the shoulders and a "Well you guys voted for it" response.  

 

Let us not forget that this is the start of the negotiations. What do you do at the start of a negotiation? You make as large a preposterous claim as you can get away with in reality without being laughed under the table. This is what both the UK and the EU are doing. Sure, the UK is NOW saying it will not adhere to EU standards, but you can bet your bottom dollar they will do so to get a deal with the EU. Firstly a lot of EU regulation makes perfect sense, second it would be a nightmare for the British to change say the rules on fund distribution, to take a tiny example. Much easier to adhere to EU rules. But the key is that both the EU and UK have too much to lose. The UK's largest trading partner, that takes half of all exports and imports is the EU, and for German car makers and French agricultural products the UK, while not huge, is still a market preferably retained.

 

So it would be possible that BJ and Gove are so drenched in Britannia waves that they walk away from a deal, but I doubt it, they would already have done so. The more likely scenario is that they will compromise with the EU and adhere to the bulk of the rules, while getting exemptions from a few others. 

 

To answer another interesting question of yours, why the English are better at financial services. The delicious irony is of course that the City of London became what it is due to immigrants.

 

"Historian Peter Borsay says London's population went from 50,000-60,000 in the 1520s to a million by the end of the 18th century. Between 1650 and 1750, it saw the arrival of 8,000 immigrants a year, according to historical demographer Tony Wrigley. These merchants established guilds and wielded great influence and power. They were able to secure autonomy and special freedoms and rights for the residents that businesses in the area enjoy to this day."

 

https://www.investopedia.com/how-london-became-the-world-s-financial-hub-4589324

 

Another reason was the regional weakness of the UK, most other regions were and today continue to be much weaker than London, in terms of infrastructure. It was this very concentration of centralisation of London which contributed to the rise of London. Then after WWII there is the use of English. And this point is still a huge advantage for the City, French and German are cumbersome languages not as widely used now. 

 

There was also whole sale theft of intellectual property, the British merely copied, and improved, on financial products invented in the Netherlands and Germany. Securitisation is actually a German invention. Speaking of Germany, the Germans did the British a huge favour. For a long time in the 19th century there WAS a competition between Paris and London as financial centres, but after the Prussian army defeated the French in 1848 Paris was briefly ruined for financial services and London flourished.

 

“Since the suspension of specie payments by the Bank of France, its use as a reservoir of specie is at an end. No one can draw a cheque on it and be sure of getting gold or silver for that cheque. Accordingly the whole liability for such international payments in cash is thrown on the Bank of Eng­land,” wrote Walter Bagehot in his famous 1873 book Lombard Street: A Description of the Money Market. "London has become the sole great settling-house of exchange transactions in Europe, instead of being formerly one of two. 

https://www.investopedia.com/how-london-became-the-world-s-financial-hub-4589324

 

So ironically it was the Germans who helped London become the only financial hub in Europe.

 

After WWII and with the ascendancy of the US the City of London briefly stood to lose its position as the world's leading financial centre, and actually lost it for a while. However, due to  a massive own goal by American lawmakers Allen & Overy was able to develop the Eurodollar market in the late 70s. Once again the British did everything right by removing controls with the 'Big Bang' and then joining the EU so that de-regulation allowed British service providers to thrive, as say fund managers could have full passporting rights in Europe.

 

It effectively meant many of the smaller British firms were bought by big European players, such as Deutsche Bank, but it allowed the City to thrive. However, now the decline has truly begun, as New York has fully taken over and Brexit one way or another will most likely weaken the City.

 

In short, there is no particular genius by the British for financial products. The rise of the City was an accident of history. However, just like the accident of the car being invented in Germany has meant that Germany has had a knowledge advantage in manufacturing cars and whilst German workers are not better at making cars, but German knowledge about making cars is greater than UK knowledge, similarly the accident of the City has meant that a lot of the fianncial know how has given the British a knowledge advantage in finances. With the great internationalisation of the City this advantage has started to evaporate though, as knowledge absorbed in London has returned to Paris and Frankfurt and Amsterdam.

 

[izod10]

6 minutes ago, Logosone said:

 

Let us not forget that this is the start of the negotiations. What do you do at the start of a negotiation? You make as large a preposterous claim as you can get away with in reality without being laughed under the table. This is what both the UK and the EU are doing. Sure, the UK is NOW saying it will not adhere to EU standards, but you can bet your bottom dollar they will do so to get a deal with the EU. Firstly a lot of EU regulation makes perfect sense, second it would be a nightmare for the British to change say the rules on fund distribution, to take a tiny example. Much easier to adhere to EU rules. But the key is that both the EU and UK have too much to lose. The UK's largest trading partner, that takes half of all exports and imports is the EU, and for German car makers and French agricultural products the UK, while not huge, is still a market preferably retained.

 

So it would be possible that BJ and Gove are so drenched in Britannia waves that they walk away from a deal, but I doubt it, they would already have done so. The more likely scenario is that they will compromise with the EU and adhere to the bulk of the rules, while getting exemptions from a few others. 

 

To answer another interesting question of yours, why the English are better at financial services. The delicious irony is of course that the City of London became what it is due to immigrants.

 

"Historian Peter Borsay says London's population went from 50,000-60,000 in the 1520s to a million by the end of the 18th century. Between 1650 and 1750, it saw the arrival of 8,000 immigrants a year, according to historical demographer Tony Wrigley. These merchants established guilds and wielded great influence and power. They were able to secure autonomy and special freedoms and rights for the residents that businesses in the area enjoy to this day."

 

https://www.investopedia.com/how-london-became-the-world-s-financial-hub-4589324

 

Another reason was the regional weakness of the UK, most other regions were and today continue to be much weaker than London, in terms of infrastructure. It was this very concentration of centralisation of London which contributed to the rise of London. Then after WWII there is the use of English. And this point is still a huge advantage for the City, French and German are cumbersome languages not as widely used now. 

 

There was also whole sale theft of intellectual property, the British merely copied, and improved, on financial products invented in the Netherlands and Germany. Securitisation is actually a German invention. Speaking of Germany, the Germans did the British a huge favour. For a long time in the 19th century there WAS a competition between Paris and London as financial centres, but after the Prussian army defeated the French in 1848 Paris was briefly ruined for financial services and London flourished.

 

“Since the suspension of specie payments by the Bank of France, its use as a reservoir of specie is at an end. No one can draw a cheque on it and be sure of getting gold or silver for that cheque. Accordingly the whole liability for such international payments in cash is thrown on the Bank of Eng­land,” wrote Walter Bagehot in his famous 1873 book Lombard Street: A Description of the Money Market. "London has become the sole great settling-house of exchange transactions in Europe, instead of being formerly one of two. 

https://www.investopedia.com/how-london-became-the-world-s-financial-hub-4589324

 

So ironically it was the Germans who helped London become the only financial hub in Europe.

 

After WWII and with the ascendancy of the US the City of London briefly stood to lose its position as the world's leading financial centre, and actually lost it for a while. However, due to  a massive own goal by American lawmakers Allen & Overy was able to develop the Eurodollar market in the late 70s. Once again the British did everything right by removing controls with the 'Big Bang' and then joining the EU so that de-regulation allowed British service providers to thrive, as say fund managers could have full passporting rights in Europe.

 

It effectively meant many of the smaller British firms were bought by big European players, such as Deutsche Bank, but it allowed the City to thrive. However, now the decline has truly begun, as New York has fully taken over and Brexit one way or another will most likely weaken the City.

 

In short, there is no particular genius by the British for financial products. The rise of the City was an accident of history. However, just like the accident of the car being invented in Germany has meant that Germany has had a knowledge advantage in manufacturing cars and whilst German workers are not better at making cars, but German knowledge about making cars is greater than UK knowledge, similarly the accident of the City has meant that a lot of the fianncial know how has given the British a knowledge advantage in finances. With the great internationalisation of the City this advantage has started to evaporate though, as knowledge absorbed in London has returned to Paris and Frankfurt and Amsterdam.

 

You mean there are actually people going to sit and actually read this elongated putrid claptrap, Seriously I mean it Rubbish Rubbish Rubbish    Has Daft Paddy joined you yet?

[Nigel Garvie]

27 minutes ago, izod10 said:

You mean there are actually people going to sit and actually read this elongated putrid claptrap, Seriously I mean it Rubbish Rubbish Rubbish    Has Daft Paddy joined you yet?

It appears that you found this detailed factual post too much to handle, and resorted to childish insults.

44 minutes ago, izod10 said:

What a load of bloody rot,from the original,all irash claptrap ratbags, just do not know why do not pack up,all copy and paste,usually from the leftie rag The guardian (that nobody reads ,or opens to read the downloaded <deleted>

  Its France France alone that are creating headaches, because they have just around 2%  imbalance in trade,the rest far far more.  Any trade deal will bring far more  far more advantages to the UK.

 

   keep up the claptrap  ,Has daft paddy or gormless Mick joined up yet?

I am not Irish, I have no intention of fighting their battles which they can do very well themselves, but I cannot fathom what your sad obsession with them is. The thread has nothing to do with the Irish apart from the fact that they are a small part of the EU. 

I'm just one more TV contributor putting you on ignore,  you'll be sending your poisonous posts to yourself only soon.

[DannyCarlton]

5 minutes ago, Nigel Garvie said:

I'm just one more TV contributor putting you on ignore,  you'll be sending your poisonous posts to yourself only soon.

What took you? 555

 

Guy's a looney tune who generally posts when he's blathered.

 

 

Edited March 3, 2020 by DannyCarlton

[nauseus]

2 hours ago, Logosone said:

 

The exodus of assets and jobs from the City to Europe has already been under way for some time. 1.3 Trillion GBP and 7000 jobs are no longer in the City because of Brexit according to a study of Ernst & Young. 

 

https://edition.cnn.com/2019/03/20/business/brexit-economy-bank-assets/index.html

 

https://uk.reuters.com/article/uk-britain-eu-banks/trillion-pounds-of-assets-leave-london-ahead-of-brexit-ey-idUKKCN1R114E

 

https://www.bloomberg.com/news/articles/2019-01-07/brexit-spurs-1-trillion-asset-moves-to-eu-from-london-ey-says

 

This is only pre UK-EU negotiation. Depending on how the talks go, if indeed there will be no deal, given that the exodus was due to fear of a no deal, an actual no deal happening would most likely see more assets and jobs moved to Europe.

 

It does not matter how regulated Paris is, the whole of the EU is already massively overregulated. The key point is that the distributors of BlackRock funds that you mentioned HAVE to sell their retail funds where the clients are, and the bulk of the population of the EU is, well, in the EU. 

 

Sadly, I agree though that the EU and the UK will most likely strike a deal due to the consequences of not doing so for both sides. I will not be surprised if the EU negotiators miss this golden chance to weaken the City for centuries to come. All they'd have to do is take Euro trading away from London and the City would see 230,000 jobs lost forever, and its' reputation as a Forex hub shattered. Then close the EU for distribution of UK products and UK service providers. In the blink of an eye a large portion of the shiny foreign banks and service providers would leave the UK to ensure their products benefit from passporting, which would be taken away from the British service providers. The City could be destroyed by Europe, if they had the political will and understanding of financial services required. They probably don't, sadly.

All unsupported EY chatter again. Do you have anything more recent?

[Logosone]

14 hours ago, CG1 Blue said:

As I've already explained, the disruption caused by France and Germany trying to take over the UK financial system would be disastrous for global financial markets, would take years, and will simply not happen.

Ask yourself why France and Germany have never made a dent in the UK's position as the financial services hub for Europe, even before we were conned into joining the common market. It's not what they are good at. 

JPMorgan Chase & Co. in January 2020 unveiled new office space in Paris to house as many as 450 employees.

 

Wall Street banks are among financial groups that are pressing the British to secure equivalence or see jobs shift to Europe.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Looks like the exodus of jobs from the City to Europe continues.

 

It is only the vanguard, banks who do deposit taking who will NOT be covered by 'Equivalence' in any event, who have started leaving so far.
 

The European Union will consider other business areas, about 40 equivalence decisions this year, determining how much investment banking business can stay in the U.K. and still serve EU clients.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

These decisions cover a variety of financial business areas. 

 

The fixed-income and equities trading and banking business rules are high priority, as are cross-border investment services. A key question will be whether the EU uses an untried means of dealing with several key areas: The revised EU Markets in Financial Instruments Directive, or MiFID II, allows for equivalence for services such as portfolio management, investment advice, underwriting and trade-execution. Since MiFID II began in 2018, no country has won this kind of equivalence.

 https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Since the 2016 Brexit referendum, policy makers in Brussels have been tightening the rules. For example, the EU now has greater powers to inspect and scrutinize derivatives clearinghouses, addressing the fact that British firms handle the bulk of euro-denominated contracts. The commission has also indicated the U.K. can expect a rigorous assessment of its regulations and close monitoring once equi

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Edited March 3, 2020 by Logosone

[izod10]

Just now, Logosone said:

JPMorgan Chase & Co. in January 2020 unveiled new office space in Paris to house as many as 450 employees.

 

Wall Street banks are among financial groups that are pressing the British to secure equivalence or see jobs shift to Europe.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Looks like the exodus of jobs from the City to Europe continues.

 

It is only the vanguard, banks who do deposit taking who will NOT be covered by 'Equivalence' in any event, who have started leaving so far.
 

The European Union will consider other business areas, about 40 equivalence decisions this year, determining how much investment banking business can stay in the U.K. and still serve EU clients.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

These decisions cover a variety of financial business areas. 

 

The fixed-income and equities trading and banking business rules are high priority, as are cross-border investment services. A key question will be whether the EU uses an untried means of dealing with several key areas: The revised EU Markets in Financial Instruments Directive, or MiFID II, allows for equivalence for services such as portfolio management, investment advice, underwriting and trade-execution. Since MiFID II began in 2018, no country has won this kind of equivalence.

 https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Since the 2016 Brexit referendum, policy makers in Brussels have been tightening the rules. For example, the EU now has greater powers to inspect and scrutinize derivatives clearinghouses, addressing the fact that British firms handle the bulk of euro-denominated contracts. The commission has also indicated the U.K. can expect a rigorous assessment of its regulations and close monitoring once equi

Read more at: https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake
Copyright © BloombergQuint
 

Christ,its non-stop  No No No  Brexit changing it all,  Do you not know there has been an election in UK of membership of EU  and overwhelming population have kicked the regulations and membership of the EU out of the window.

  There must be an Irash section of TV somewhere

[Rimmer]

Personal attack and reply removed

[CG1 Blue]

7 hours ago, Logosone said:

JPMorgan Chase & Co. in January 2020 unveiled new office space in Paris to house as many as 450 employees.

 

Wall Street banks are among financial groups that are pressing the British to secure equivalence or see jobs shift to Europe.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Looks like the exodus of jobs from the City to Europe continues.

 

It is only the vanguard, banks who do deposit taking who will NOT be covered by 'Equivalence' in any event, who have started leaving so far.
 

The European Union will consider other business areas, about 40 equivalence decisions this year, determining how much investment banking business can stay in the U.K. and still serve EU clients.

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

These decisions cover a variety of financial business areas. 

 

The fixed-income and equities trading and banking business rules are high priority, as are cross-border investment services. A key question will be whether the EU uses an untried means of dealing with several key areas: The revised EU Markets in Financial Instruments Directive, or MiFID II, allows for equivalence for services such as portfolio management, investment advice, underwriting and trade-execution. Since MiFID II began in 2018, no country has won this kind of equivalence.

 https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Since the 2016 Brexit referendum, policy makers in Brussels have been tightening the rules. For example, the EU now has greater powers to inspect and scrutinize derivatives clearinghouses, addressing the fact that British firms handle the bulk of euro-denominated contracts. The commission has also indicated the U.K. can expect a rigorous assessment of its regulations and close monitoring once equi

https://www.bloombergquint.com/quicktakes/how-equivalence-will-decide-future-of-u-k-banking-quicktake

 

Silla Brush (the Bloomberg article) is notoriously pessimistic on this topic. There are a lot of political threats being thrown around. Yes, a lot of these threats could in theory be carried out and have a big impact on banking in the City. But the last thing Europe needs at the moment is a disruption in the finance sector to add to all it's other woes. 

 

Common sense will prevail, and a deal will be struck. Whether that involves the UK agreeing to stay under MIFID II or an equivalent (e.g. FinSA in Switzerland) remains to be seen. I think that's likely though. 

 

 

 

 

[Logosone]

The UK will continue to abide by MiFID 2 and AIFM and all the other EU financial rules. At the very least for two years after Brexit. That's what one of the City top lawyers told me. It's inconceivable the UK could draft alternative legislation in less than two years in any event.

 

The thing is European banks like Deutsche Bank, Societe Generale et al are so deeply entrenched in the City of London the European banks are actually pleading for the legislation to stay the same and for the UK to be given equivalence.

 

It is therefore unlikely any politician in the EU with the foresight and knowledge to severely damage the CIty will be able to pursue such an agenda, thought that would certainly possibly.

 

Most likely as the reality of Brexit sinks in there will be a continued fragmentation of financial centres all across Europe with Britain doing all it can to hang on to the glory days, which will fade eventually as New York, Singapore, Hong Kong and Shanghai all overtake London as a financial hub. 

 

It will be interesting to see if Paris can also regain some of its financial centre glory days for a while.

[evadgib]

UK appear to be getting on with it:

 

Britain is back: Liz Truss calls for new rules at WTO to tackle unfair trade practices

[david555]

3 hours ago, evadgib said:

UK appear to be getting on with it:

 

Britain is back: Liz Truss calls for new rules at WTO to tackle unfair trade practices

Yeah...why not  just change the world orders at your wishes ????....anyway no problem for us E.U. as it is your trade option by wish and probably nesessity ????

Edited March 3, 2020 by david555

[TheDark]

2 hours ago, evadgib said:

UK appear to be getting on with it:

 

Britain is back: Liz Truss calls for new rules at WTO to tackle unfair trade practices

I wonder which international court England will place her complaints of unfair trade practices?

 

If it's not to English courts, newly acquired sovereignty is already lost? 

[david555]

6 minutes ago, TheDark said:

I wonder which international court England will place her complaints of unfair trade practices?

 

If it's not to English courts, newly acquired sovereignty is already lost? 

No court needed .....the Boris messiah is the upper one above all????????

Edited March 3, 2020 by david555

[melvinmelvin]

2 hours ago, evadgib said:

UK appear to be getting on with it:

 

Britain is back: Liz Truss calls for new rules at WTO to tackle unfair trade practices

 

jeez, 5 minutes after leaving the EU the empire builders and ripple rulers are back . . .

 

[melvinmelvin]

28 minutes ago, david555 said:

Yeah...why not  just change the world orders at your wishes ????....anyway no problem for us E.U. as it your trade option by wish and probably nesessity ????

spot on,

UK could just order that the rest of the developed world paid heavy taxes to UK,

then UK could surf on that and drop being bothered by trade deals and similar

 

superiority complex in grand display

 

Edited March 3, 2020 by melvinmelvin

[TheDark]

7 hours ago, CG1 Blue said:

Silla Brush (the Bloomberg article) is notoriously pessimistic on this topic. There are a lot of political threats being thrown around. Yes, a lot of these threats could in theory be carried out and have a big impact on banking in the City. But the last thing Europe needs at the moment is a disruption in the finance sector to add to all it's other woes. 

 

Common sense will prevail, and a deal will be struck. Whether that involves the UK agreeing to stay under MIFID II or an equivalent (e.g. FinSA in Switzerland) remains to be seen. I think that's likely though. 

Oh yes, common sense will prevail. Once it's understood in England, that EU and its member countries are not ruled by bankers on contrary to England, common sense prevails indeed.

 

Bankers are keen to uphold their power in the places they can do that. Quite naturally as they consider themselves being alphas. 

 

But when the more people oriented EU says NO to the bankers. Even the wannabe alphas has to surrender to the people's wishes and move their damn offices and pay their due taxes to the EU countries, even if it hurts them a bit.

 

Get ready to the chance. Get ready to the world where the uber rich bankers no longer rule over the common people the way they were allowed to do for so many years.

 

EU might sound boring, but at least it works for the people. 

[melvinmelvin]

10 minutes ago, TheDark said:

I wonder which international court England will place her complaints of unfair trade practices?

 

If it's not to English courts, newly acquired sovereignty is already lost? 

court at Sandringham and Balmoral and B Palace would be suitable

[david555]

5 minutes ago, melvinmelvin said:

court at Sandringham and Balmoral and B Palace would be suitable

What..!...not at Number 10...?...that is as good as blashphamy...????????????

 

Edited March 3, 2020 by david555

[izod10]

Evident Boris could not give a toss about financial centres,he knows nothing will change and if a determined effort was mounted ,permanent ban of fishing would occur

 

Also evident eu are eating out of Boris's hand,he has it all sewn up,and he knows it,Barnier already smiles and agreements at hand

 

3 million refugees to be re-distributed throughout eu, Germany takes no more, Berlin - cum- Mecca well enough.   which leaves eire to take a third of a million at least  lol