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13 July 2017

Brexit Weekly

Euro clearing, relocations after Brexit, citizens' rights, 'no deal' and more.

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  Articles from 06 July 2017 - 13 July 2017

  Brexit & UK
Joint Declaration of Frankfurt Main Finance and Paris EUROPLACE on Euro Clearing
Frankfurt Main Finance and Paris EUROPLACE jointly request the concerned European authorities to consider some fundamental principles regarding future oversight of Euro Clearing.  View Article
Bloomberg: Clearing firms simulate Lehman-like default during Brexit chaos
The first coordinated global test showed clearinghouses, the firewalls protecting the financial system from calamity, are strong enough to survive a major bank going bust.  View Article
Bloomberg: City chiefs concede UK can lose clearing oversight in Brexit
UK banking executives are starting to concede that shifting regulatory oversight of euro clearing to the European Union after Brexit is the only way they’ll keep the bulk of a $2.7 trillion a day industry in London.  View Article
EIOPA issues principles on supervisory approach to the relocations from the United Kingdom
The EIOPA published an Opinion with the aim to foster supervisory convergence and consistency in the authorisation process across the European Union Members States related to the relocation of (re)insurance undertakings from the United Kingdom.   View Article
The Sunday Times: Watchdog dashes hopes of escape from EU rules
The Bank of England has told the City there will be no bonfire of regulations after Britain leaves the EU.  View Article
Bloomberg: UK regulator seeks Brexit bridge this year to avoid cliff-edge
Banks and asset managers need certainty this year on how much time they’ll have to transition to the post-Brexit world to avert “regrettable” decisions made in haste, according to Andrew Bailey, head of the UK Financial Conduct Authority.  View Article
EurActiv: UK offer is far from what citizens are entitled to
The European Parliament’s political leaders and Brexit Steering Committee members condemn the UK’s “damp squib” of an offer on the rights of EU citizens and insist they will refuse to endorse a Brexit deal that strips EU citizens of their acquired rights.  View Article
Bloomberg: Davis pushed May to guarantee EU citizens rights
UK Prime Minister Theresa May rejected pleas from her own Brexit secretary to make an unconditional promise to guarantee the rights of European Union citizens living in Britain when the country leaves the bloc, according to two people familiar with the matter.  View Article
OMFIF: May’s offer to EU citizens lacks substance
As soft power ebbs, UK economy will be the loser, claims Danae Kyriakopoulou, Chief Economist and Head of Research at OMFIF.  View Article
Reuters: Brexit Brits won't be sent back, Merkel says
Britons living in the European Union ought not to fear being sent home after Brexit, German Chancellor Angela Merkel told an audience in Germany, saying the rights Britain granted residents from EU countries would be "largely reciprocated".  View Article
Bloomberg: Hammond says it would be ‘madness’ for UK to reject close EU ties
Chancellor of the Exchequer Philip Hammond said it would be “madness” for the UK to reject the closest possible ties to the European Union, warning fellow ministers that voters won’t forgive them if Brexit damages the economy.  View Article
Brexit Bulletin: BOE’s Broadbent sounds new Brexit warning on risks to trade
A reduction in trade with the European Union after leaving the bloc would be damaging to the UK by forcing it to refocus production away from its specializations, and it would also hurt EU growth, albeit on a much smaller scale, said Deputy Governor of the Bank of England Ben Broadbent.   View Article
The Guardian: UK economy will cool amid living standards squeeze, says S&P
Ratings agency predicts interest rates will be on hold for next two years, and outlook could be worse if Brexit talks go badly.  View Article
Financial Times: Brexit-voting UK north-east is most reliant on EU services market
The north-east of England voted 58 percent in favour of leaving the EU but is also the part of the UK that is most reliant on the European bloc as a market for its services, according to the Office for National Statistics.  View Article
POLITICO: No ‘softening’ of UK’s Brexit position, says David Davis
The Brexit secretary says he believes a trade deal with the EU could be secured by 2019.  View Article
The Guardian: David Davis: transitional period may be needed during Brexit
‘Practicalities’ may force requirement as near neighbours such as France may not be suitably prepared, says the Brexit secretary.  View Article
Financial Times: UK has no plan B if Brexit talks fail, insists Boris Johnson
The UK is not making contingency plans in the event of Brexit talks with the EU breaking down, Boris Johnson, foreign secretary, said in a statement that appeared to undermine Prime Minister Theresa May’s threat that she could walk away without a deal.  View Article
POLITICO: ‘No deal’ unacceptable for UK businesses after Brexit: survey
Ninety-eight percent of businesses surveyed want a trade agreement as part of Brexit negotiations.  View Article
Bloomberg: U.K. says EU Court may hold sway for ‘limited’ transition
The European Court of Justice may be able to make rulings that apply to the UK for a “limited” interim period after Britain’s withdrawal from the European Union, Prime Minister Theresa May’s spokesman said in yet another sign of the government’s softening of the country’s stance on Brexit.  View Article
POLITICO: Berlin advises UK to ‘do your homework’ on Brexit
Germany’s minister of state for European affairs, Michael Roth, advised Britain to spend less time ‘reading the coffee grounds’ and more time preparing for negotiations.  View Article
Les Echos: Straight-talking Barnier ready for negotiations
Brexit is going to hurt. That was the core message delivered by Michel Barnier when he addressed the European Economic and Social Committee on Thursday, according to Les Echos.  View Article
The Guardian: German industry warns UK not to expect help in Brexit negotiations
Bosses say the priority is to protect the single market, dashing hopes that exporters will put pressure on Merkel for a favourable trade deal.  View Article
Bloomberg: May's Northern Irish ally pushes for U.K. single market exit
Northern Ireland’s Democratic Unionist Party, which is propping up Theresa May’s minority government, will push for the UK to exit Europe’s single market, one of its senior lawmakers said.  View Article
Open Europe: EU and UK have already started to soften their positions in Brexit negotiations
Both the UK and the EU have shown themselves open to compromise at this early stage in Brexit discussions, argues Pieter Cleppe.  View Article
CEPS: The Irish border as a customs frontier after Brexit
When the United Kingdom leaves the European Union, the status of its land border with the Republic of Ireland will inevitably change.   View Article
Department for Exiting the European Union: Ministers step up engagement with small businesses
At a roundtable with small businesses, Government Ministers reiterated their determination to have a two way dialogue with small businesses throughout the process of EU exit.  View Article
Financial Times: UK government signs deal with big banks to increase SME lending
The UK government has struck a deal with Britain’s biggest high street banks to extend millions of pounds of lending to small businesses as part of broader plans to boost exports and buoy the economy after Brexit.  View Article
Bloomberg: UK finance firms' optimism wanes amid Brexit plan uncertainty
UK banks and life insurers are less optimistic in their outlook because of uncertainty over Brexit, the Confederation of British Industry said.  View Article
Financial Times: Dublin is top destination for financial groups post-Brexit
Irish capital is ahead of Frankfurt on planned EU bases outside London, according to an EY study.  View Article
Bloomberg: Paris insists battle for Brexit jobs isn’t over as Dimon visits
Prime Minister Philippe offers tax cuts to woo London bankers.  View Article
The Independent: Foreign investment to UK creates fewer jobs as Brexit looms
The rate at which foreign investment into the UK is creating new jobs is slowing as Britain heads towards the exit door of the EU, Government figures show.  View Article
Financial Times: Three in four university leavers worry Brexit will hit jobs
Three-quarters of university leavers in the UK fear they will have fewer job opportunities as a result of the EU referendum, according to research conducted by High Fliers Research.  View Article
LSE: ‘Bloody difficult’ Britain has already blown its chances of a good deal from the EU27
The run-up to the Brexit negotiations has been disastrous for the UK, writes former negotiator Steve Bullock.  View Article
Süddeutsche Zeitung: The UK's identity crisis
Joschka Fischer, Green Party politician and former German Foreign Minister, writes that the identity crisis is one of the reasons why the country abandoned its highly advantageous geopolitical and economic position within the EU, and thus on the world stage.  View Article
The Guardian: Australia ready to do post-Brexit trade deal – but EU comes first
Australia will be ready for a trade deal with the UK soon after Brexit, but will try to do one with the EU first, said Malcolm Turnbull, Australia's PM.  View Article

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