London could lose EU euro clearing role

[ilostmypassword]

1 hour ago, CaptHaddock said:

Not true.  Britain can unilaterally grant whatever permissions it wishes to foreign residents once it has left the EU and can promise to do so now.  Post-Brexit the EU will have no say on Britain's immigration policies except to the extent that those are covered by the exit agreements.  But even in that case Britain can always be more flexible that it is required to be under any agreement.

It wasn't about Britain's immigration policies. It was about JP Morgan and others having the right to do Euro clearing in London after Brexit. The UK government does not have it in its power to grant that to JP Morgan or any other financial institution. That's up to the EU.

[soalbundy]

going back down the road would be excruciatingly humiliating for the UK but the debacle would be a good lesson for both sides, the EU must start doing things differently and listen more to the EU citizens and the UK must realize that its home is Europe,it is an island nation on the continental shelf, it isn't connected to America so stop being its poodle. The UK alone is weak,its past glories are long gone, it needs to stand united with Europe. Merkel among others has seen that America cares only for America, there is no special relationship although the lip service remains. There are 4 big leagues, America, China/Asia, Russia and EU, The UK alone has no influence,it is time it lost its 'little Englaender' title.

[JAG]

I rather seem to remember, and certainly rather suspect, that "relocating" the lucrative international financial business based in London has been of interest to several other EU member states since long before Brexit became any sort of possibility.

 

 

 

 

[Naam]

3 minutes ago, JAG said:

I rather seem to remember, and certainly rather suspect, that "relocating" the lucrative international financial business has been off interest

the clearing of €UR denominated transactions is only a part, albeit a lucrative one, of international financial business. the chance for this part remaining in a country which has steadfastly refused to adopt th€ currency and is not a member of the EU is as high as a snowball in héll.

[ilostmypassword]

7 minutes ago, JAG said:

I rather seem to remember, and certainly rather suspect, that "relocating" the lucrative international financial business based in London has been of interest to several other EU member states since long before Brexit became any sort of possibility.

 

 

 

 

It was a dream. Now it looks like it can become a reality.

[Naam]

15 hours ago, darksidedog said:

It would be a massive blow for London if Euro clearing was moved overseas, though there is logic in having Euro clearing occurring in an EU country.

I sense this is an early move in the EUs Brexit bargaining positioning.

early or not it's a logical move and as certain like the "amen" at the end of a prayer.

[Naam]

5 hours ago, goldenbrwn1 said:

The EU has clearing houses in the US aswell, are they coming back? The US has clearing houses in london and the EU aswell as in the US. London has yuan clearance houses as to name one of many . Why does the EU think it needs to have the ones back from london but not from anywhere else?  

because all financial transactions between EU countries denominated in €UR are presently cleared (handled) in London and not in the U.S. or elsewhere.

[goldenbrwn1]

1 hour ago, Naam said:

because all financial transactions between EU countries denominated in €UR are presently cleared (handled) in London and not in the U.S. or elsewhere.

Cheers thanks for reply. This makes it a lot more serious than I thought. Considering the € is the second most traded currency. I've got a feeling we're in for a very very soft brexit, if a real brexit at all. 

[George FmplesdaCosteedback]

More threats from the EU.

Even the ECB don't think trying to move it after the UK leaves to EU is a good idea, and it can be challenged legally if they try to force it. There are in fact several overseas (outside the EU) Euro clearing houses including New York.

 There was a good article in the FT this week about this, and apparently the ECJ have already turned down an application by the EU saying  it isn't enforceable, given the other clearing houses elsewhere.

Edited June 14, 2017 by George FmplesdaCosteedback

[goldenbrwn1]

16 minutes ago, George FmplesdaCosteedback said:

More threats from the EU.

Even the ECB don't think trying to move it after the UK leaves to EU is a good idea, and it can be challenged legally if they try to force it. There are in fact several overseas (outside the EU) Euro clearing houses including New York.

That's what I originally thought. But it seems a few experts on Thai visa are saying different , a bit like these Eurocrats and politicians. Nobody knows.

[George FmplesdaCosteedback]

13 minutes ago, goldenbrwn1 said:

That's what I originally thought. But it seems a few experts on Thai visa are saying different , a bit like these Eurocrats and politicians. Nobody knows.

I think you will find we are correct. The Germans have been trying to nobble the London stranglehold on financial trading for decades and not succeeded, from reliable sources I would say they won't get more than a small share back after Brexit.

Some of the "experts" on TV are just hot air in short trousers. Don't get fooled by a picture of some agresive to55er  that works in a call center.

Edited June 14, 2017 by George FmplesdaCosteedback

[ilostmypassword]

6 hours ago, George FmplesdaCosteedback said:

More threats from the EU.

Even the ECB don't think trying to move it after the UK leaves to EU is a good idea, and it can be challenged legally if they try to force it. There are in fact several overseas (outside the EU) Euro clearing houses including New York.

 There was a good article in the FT this week about this, and apparently the ECJ have already turned down an application by the EU saying  it isn't enforceable, given the other clearing houses elsewhere.

I just did a search for such an article on FT and couldn't find it. Could you provide a link? I did find 3 recent articles from FT on the subject and none of them mentioned this.

https://www.ft.com/content/dcaeb0bc-4b87-11e7-a3f4-c742b9791d43?mhq5j=e3

https://www.ft.com/content/60cb441a-4f83-11e7-bfb8-997009366969?mhq5j=e3

https://www.ft.com/content/8713c2fe-5056-11e7-bfb8-997009366969?mhq5j=e3

[rockingrobin]

7 hours ago, George FmplesdaCosteedback said:

More threats from the EU.

Even the ECB don't think trying to move it after the UK leaves to EU is a good idea, and it can be challenged legally if they try to force it. There are in fact several overseas (outside the EU) Euro clearing houses including New York.

 There was a good article in the FT this week about this, and apparently the ECJ have already turned down an application by the EU saying  it isn't enforceable, given the other clearing houses elsewhere.

The ECJ did previously rule in London's favour, however there is nothing stopping the EU in future altering the conditions, such as only providing leverage support to the Eurozone , and with th UK refusing to accept ECJ judgements after Brexit,  how will the UK challenge such a move.

[Naam]

13 minutes ago, rockingrobin said:

7 hours ago, George FmplesdaCosteedback said:

More threats from the EU.

Even the ECB don't think trying to move it after the UK leaves to EU is a good idea, and it can be challenged legally if they try to force it. There are in fact several overseas (outside the EU) Euro clearing houses including New York.

 There was a good article in the FT this week about this, and apparently the ECJ have already turned down an application by the EU saying  it isn't enforceable, given the other clearing houses elsewhere.

The ECJ did previously rule in London's favour, however there is nothing stopping the EU in future altering the conditions, such as only providing leverage support to the Eurozone , and with th UK refusing to accept ECJ judgements after Brexit,  how will the UK challenge such a move.

correct! the ECJ ruling was 2 years and 3 months ago and had as basis "EUR clearing without the UK adopting the common currency". the situation changes completely should Brexit become a reality. any pro UK ruling in this matter is nothing but wishful thinking.

[rockingrobin]

2 minutes ago, Naam said:

correct! the ECJ ruling was 2 years and 3 months ago and had as basis "EUR clearing without the UK adopting the common currency". the situation changes completely should Brexit become a reality. any pro UK ruling in this matter is nothing but wishful thinking.

If T.May is correct and is going to end the ECJ juristiction in the Uk , then I cannot see how the ECJ could make any ruling as it simply would not have juristiction in the UK , the aggrieved party

[Naam]

2 minutes ago, rockingrobin said:

If T.May is correct and is going to end the ECJ juristiction in the Uk , then I cannot see how the ECJ could make any ruling as it simply would not have juristiction in the UK , the aggrieved party

you know that and i know that. but some Brexiteers like to draw conclusions out of thin air. 

[ilostmypassword]

4 minutes ago, rockingrobin said:

If T.May is correct and is going to end the ECJ juristiction in the Uk , then I cannot see how the ECJ could make any ruling as it simply would not have juristiction in the UK , the aggrieved party

Hey, the UK can do anything it likes outside of the jurisdiction of the UK. But those Euro transactions that take place within the EU are within the jurisdiction of the EU and the UK will have no say over that once it's out of the EU.

[Aforek]

13 hours ago, soalbundy said:

The UK alone is weak,its past glories are long gone, it needs to stand united with Europe. Merkel among others has seen that America cares only for America, there is no special relationship although the lip service remains. There are 4 big leagues, America, China/Asia, Russia and EU, The UK alone has no influence,it is time it lost its 'little Englaender' title.

I suppose you are English and I appreciate your objective opinion; yes, Britain, ( like France , my country ) is not a great nation anymore, we need to be united, and yes , in 2017 there are 4 big leagues, EU is one of them, and England alone is weak , it's dangerous to be alone 

[nontabury]

On 6/14/2017 at 9:51 AM, CaptHaddock said:

I wonder if the Irish could take advantage of this opportunity and get some of that business in Dublin.  Ireland has high education levels and plenty of English-speakers.

Except that there is a growing movement in Ireland to exit the E.U. This I can image will only increase, once they UK leaves.   Let's not forget that the Irish previously voted against one of the Major E.U. So called agreements. This was of course over ruled by some strange  tactics.

[nontabury]

15 hours ago, dunroaming said:

Don't think I agree with that.  Looking at the bigger picture the EU would be better off with the UK in and with the same deal as before.  That would certainly be the view of Merkel and Macron.  However if we did want to retract Brexit they would try to impose some sort of penalty to deter others from doing the same.  Nobody, except for the Brexiteers want this divorce and their numbers are getting smaller as time goes by.

 

Maybe if the Brexiteers realised that post brexit we would still have as many people coming to the UK from the EU then they too may change their view 

You say the numbers are getting smaller. More likely more people now  support Brexit, especially as Armageddon din't  occur after the referendum, as predicted by many Remoaners. Secondly they now see what Brussels is all about,and they are not impressed.

[pegman]

10 minutes ago, nontabury said:

You say the numbers are getting smaller. More likely more people now  support Brexit, especially as Armageddon din't  occur after the referendum, as predicted by many Remoaners. Secondly they now see what Brussels is all about,and they are not impressed.

Are there any polls on pro/anti Brexit? 

[goldenbrwn1]

2 minutes ago, pegman said:

Are there any polls on pro/anti Brexit? 

Polls...???????????

[nontabury]

1 hour ago, Aforek said:

I suppose you are English and I appreciate your objective opinion; yes, Britain, ( like France , my country ) is not a great nation anymore, we need to be united, and yes , in 2017 there are 4 big leagues, EU is one of them, and England alone is weak , it's dangerous to be alone 

Let's Waite and see what is the future for France, in a couple of years time. When the effects of Macrons and his boss in Berlin start to hit home. 

[pegman]

12 hours ago, JAG said:

I rather seem to remember, and certainly rather suspect, that "relocating" the lucrative international financial business based in London has been of interest to several other EU member states since long before Brexit became any sort of possibility.

 

 

 

 

Frankfurt is licking it's chops.

[vogie]

7 minutes ago, pegman said:

Are there any polls on pro/anti Brexit? 

Yes there are, but they show that the brexiteers decision to leave the EU has increased, so the remainers tend not to believe them.

[the guest]

No surprise there, UK doesn't have much to bargain with, even now after invoking article 50, the country still hasn't started negotiations. The EU for sure, will not allow the UK to have access to the free market, without having free movement. As many have said the EU is not A' la carte. 

[Naam]

1 hour ago, nontabury said:

Except that there is a growing movement in Ireland to exit the E.U. This I can image will only increase, once they UK leaves.   Let's not forget that the Irish previously voted against one of the Major E.U. So called agreements. This was of course over ruled by some strange  tactics.

without the EU Ireland would be since years a bankrupt country. growing movements to exit the EU you'll find in all present member countries and that includes Germany. yawwnnnn...

[Naam]

1 hour ago, nontabury said:

You say the numbers are getting smaller. More likely more people now  support Brexit, especially as Armageddon din't  occur after the referendum, as predicted by many Remoaners. Secondly they now see what Brussels is all about,and they are not impressed.

one of the typical insinuations originating from Brexiteers. only a brain-amputated Bremainer would have forecasted Armaggeddon based on the referendum only. what occured immediately after the referendum was the exposure of blatant lies like the infamous XXXmillions surplus per week to be used for the NHS.

 

 

 

 

 

[Naam]

1 hour ago, vogie said:

Yes there are, but they show that the brexiteers decision to leave the EU has increased, so the remainers tend not to believe them.

source?

[vogie]

1 minute ago, Naam said:

source?

1. There is still not much Bregret

There is still little sign of any “Bregret”. There is a media appetite for a narrative of the public changing their mind and some newspaper stories based on open-access voodoo polls or cherry-picking individual polls, but the broad picture is consistent: the vast majority of people still think the way they voted in June 2016 was correct.