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Commission proposes simpler and more efficient derivatives rules
The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability. View Article |
TheCityUK: A forced re-location of euro clearing is in no one’s interests
TheCityUK responded to new EU Commission proposals on derivatives rules, which include references to possible location requirements for central counterparties (CCPs) involved in euro clearing. View Article |
Financial Times: Washington warns against EU location policy
Washington has weighed into a dispute over the fate of one of London’s most lucrative financial businesses, warning that any EU move to require euro-denominated trading to take place within the bloc would break with international norms and could lead to US countermeasures. View Article |
Financial Times: Arguing over who gets to own a clearing-house time bomb
John Dizard on London and the EU’s fight over euro derivatives clearing after Brexit. View Article |
Guy Verhofstadt: We can deliver a Brexit deal that works for all
Talks about a future partnership can only start when we know how this one ends, writes the Parliament top Brexit negotiator in the Financial Times. View Article |
Bloomberg: Barnier sets stage for thorny Brexit talks on citizens' rights
The European Union’s chief Brexit negotiator set the stage for months of difficult talks, laying out a long list of demands for EU residents in the UK and addressing topics that Prime Minister Theresa May had previously marked as red lines. View Article |
TheCityUK: The legal impact of Brexit on the UK-based financial services sector
The report suggests that while the UK-based financial services sector as a whole aims to keep as many activities as possible in the UK, the key for business is to maintain an uninterrupted service to clients throughout the Brexit process. View Article |
The Guardian: Brexit talks uncertainty 'leaves 45% chance of no deal', says article 50 author
Lord Kerr, who helped draft EU legislation, says uncertainty over who will lead negotiations for UK is ‘very real problem'. View Article |
CER: A Prime Minister unshackled
Checks on prime ministerial power are weak in Britain – and Theresa May’s massive parliamentary majority after the general election will weaken them further. In the context of Brexit, this is dangerous, writes John Springford. View Article |
The Telegraph: €100bn Brexit bill is ‘legally impossible’ to enforce, European Commission’s own lawyers admit
The Telegraph has seen minutes of internal deliberations circulated by Brussels’ own Brexit negotiating team, which had warned against pursuing the UK for extra payments. View Article |
EY: Financial services firms starting to enact Brexit contingency plans, but those voicing intentions to move remain in the minority
More than a quarter of the 222 UK financial services firms monitored by the EY Brexit Tracker have announced that they are moving some staff or part of their operations out of the UK, or that they are reviewing their domicile as a result of Brexit. View Article |
Reuters: Banks planning to move 9,000 jobs from Britain because of Brexit
The largest global banks in London plan to move about 9,000 jobs to the continent in the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape. View Article |
InFacts: Goldman’s London warning least of City’s worries
The Commission laid out the options to keep under control the risk London based euro clearing pose for financial stability in the EU after Brexit: One is to require London-based CCPs to move to the euro area – with the consequent loss of jobs and tax revenue. The other, to submit to EU rules. View Article |
Reuters: Paris to redouble efforts to attract Brexit banks after Macron win
Emmanuel Macron's victory in the French presidential election and his plans to swiftly implement structural reforms is a boon for Paris in its efforts to attract banks and other financial service companies seeking to move operations out of Britain, the head of lobbying group Paris Europlace said. View Article |
Irish Times: Brexit could cost Ireland 40,000 jobs, says Central Bank
Chief economist says GDP likely to dip by 3% after 10 years as negative effects hit home. View Article |
Financial Times: Britain need not slam its doors to limit migration
May’s resolve to slash numbers poses risks to the country’s economy, in the FT's view. View Article |
El País: A familiar face on the Brexit scene
El Pais reports back from a small gathering of international journalists in Tony Blair's office in London. View Article |
La Libre Belgique: May's war against Brussels
La Libre Belgique uses the opportunity of the buzz around the FAZ article on May and Juncker's supposedly disastrous dinner as well as May's speech to analyse her hard tone. View Article |
POLITICO: Emmanuel Macron will be ‘tough’ on Brexit, says key adviser
Jean Pisani-Ferry, economic adviser to France’s President-elect Emmanuel Macron, says the newly elected president will be “tough” on Brexit negotiations, but he will not seek to punish Britain. View Article |
LSE: What Macron’s victory means for Brexit
Macron could pursue a tougher line on Brexit than his predecessor, while the current border arrangements between the UK and France could also be up for renegotiation. View Article |
Bloomberg: BOE won't budge on rates until Brexit is done, NIESR says
The Bank of England probably won’t make any policy moves before Brexit negotiations are concluded, according to the National Institute of Economic and Social Research. View Article |
Financial Times: Brexit could be a corporate governance car crash in slow motion
Brexit represents a waypoint in the trajectory of corporate governance and stewardship in both continental Europe and the UK, and it carries risks for investors, first and foremost the potential erosion of the rights and protections of minority shareholders. View Article |
City A. M.: How to make Brexit the insurance industry’s next big opportunity
Singapore, Qatar, Dubai and Bermuda. Forget worrying about British-based businesses moving to EU capitals – these are the jurisdictions with which we must compete if our vital insurance industry is to thrive. View Article |
Commercial Risk Europe: Bermuda’s negotiations with EU should not be affected by Brexit, says BMA
The Bermuda Monetary Authority (BMA) has said that Brexit should not impact Bermuda’s ability to successfully negotiate with the EU on matters of regulation, and securing fair access to the EU market for the island’s insurance and financial services sector. View Article |