20 February 2019

フィナンシャル・タイムズ紙：英国の合意なきEU（欧州連合）離脱によって重複上場銘柄の株式取引に係るリスクに晒される個人投資家

Ryanair, British Airways owner IAG and Unilever are among the companies that will be hit by the stipulation from Brussels that EU-based investors can only trade shares on exchanges it recognises. It is a status EU authorities do not plan to extend to London venues if Britain leaves the trading bloc abruptly at the end of next month.

That will force EU-based asset managers to buy and sell the shares of the affected companies at typically less liquid and competitive exchanges outside London. Retail investors have almost €40bn tied up in companies with dual-listed shares, according to an analysis of Ucits funds from the German Investment Funds Association, or BVI.

The fate of dual-listed shares is the latest point of contention a hard Brexit has thrown up for Europe’s capital markets. Despite fierce lobbying from asset management groups, EU authorities say its contingency planning for a no-deal Brexit should focus on ensuring financial stability. Authorities are also keen to ensure that any stop-gap measures do not give Britain access to the bloc’s single market through the backdoor.

However, with slightly more than a month until the UK is set to exit the EU, investor groups are stepping up efforts to prompt a change in Brussels.

“Safeguarding access to this infrastructure is critical to all asset managers so they can continue to operate effectively and efficiently across European capital markets,” said Chris Cummings, chief executive of the Investment Association, a UK trade body.

The stand-off has led to speculation that, in the event of a hard Brexit, companies will ditch their listing elsewhere in the EU and keep the one in London. Even if Britain leaves the EU on March 29 without a deal, EU-based investors would still be able to buy and sell shares of companies only listed in London. [...]

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