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27 July 2017

Brexit Weekly

Financial regulation and supervision following Brexit, Euro clearing, cost of no Brexit deal, citizens' rights, UK-US post-Brexit trade deal, single market, customs union and more.

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  Articles from 20 July 2017 - 27 July 2017

  Brexit & UK
Department for Exiting the European Union: Joint technical note on the comparison of EU-UK positions on citizens' rights
The citizens’ rights working group completed a mapping of the alignment between the two parties’ positions, to prioritise future discussions.  View Article
House of Lords' European Union Committee: Transcripts of Michel Barnier and Guy Verhofstadt evidence
Verbatim transcripts of the European Union Committee's meetings with the European Chief Negotiator, Michel Barnier, and Guy Verhofstadt MEP, the European Parliament’s Brexit Coordinator, have been published.  View Article
Financial regulation and supervision - Lords Committee launches new inquiry
The EU Financial Affairs Sub-Committee launches a new inquiry into the future of financial regulation and supervision following Brexit.  View Article
The Times: Euro clearing could stay in UK, says Irish central bank chief
The fate of euro clearing in London will hang in the balance until the final outcome of the Brexit negotiations is known, the governor of the Central Bank of Ireland has said.  View Article
Bloomberg: The fight for Euro clearing after Brexit spills out in public
Senior managers from LCH and Eurex Clearing clashed in public for the first time to show how Brexit is driving a wedge between financial institutions that the market relies on to work together in times of crisis.  View Article
House of Lords Liaison Committee: First Informal Brexit Liaison Group held
The Group discussed with Sir Jon Cunliffe, Deputy Governor of the Bank of England, the issue of transferring the European Union acquis and ensuring good regulation of financial services in the UK.  View Article
The Guardian: Cabinet accepts Brexit transition will mean years of free movement
The British cabinet has accepted that free movement of people for up to four years after Britain leaves the EU will be part of a Brexit transition deal, according to a senior source.  View Article
UK in a Changing Europe: Cost of no Brexit deal will be “widespread, damaging and pervasive” leading academics find
The consequences of the UK failing to reach a deal with the EU will be “widespread, damaging and pervasive” a new report by The UK in a Changing Europe finds.  View Article
Scottish Centre on European Relations: Smoke and Mirrors of a Brexit Transition Deal: 10 Key Questions
The UK cabinet now thinks that the UK would indeed need a transition arrangement after March 2019 and that this might involve continued free movement of people for 2-4 years. But are the EU27 open to such a deal and on what terms? And could the UK really stay in the single market and customs union?  View Article
Guy Verhofstadt: Brexit talks must make progress on all fronts before next phase
The European Parliament’s Brexit coordinator says MEPs will do their own assessment of ‘sufficient progress’ in negotiations before they can move on to talks about a future trade relationship.  View Article
CNBC: UK will be at the back of the queue for a trade deal, warns top EU commissioner
Brexit talks are a "very difficult process" but they need to move fast to give enough time for officials to negotiate a trade deal, a top-ranking member of the European Commission has told CNBC.  View Article
Rajesh Agrawal: London business is certain: We should stay in the Single Market
London’s deputy mayor for business writes that, on 8 June, the electorate sent a clear and simple message: a rejection of the government’s misguided plans for an extreme hard Brexit.  View Article
The Guardian view on the single market: a viable Brexit path
There is no predetermined model for Britain’s future relationship with the EU and no immovable reason why that future must exclude the single market, whether as part of a transition or on a longer-term basis, in the newspapers' opinion.  View Article
The Guardian: Labour at loggerheads over staying in customs union post-Brexit
Divisions emerge in shadow cabinet after the shadow trade secretary Barry Gardiner says it would be a disaster if Britain remained in customs union.  View Article
EPC: Reality bites: the Brexit negotiations seen from the other side of the Channel
The assumption that the EU27 are willing to accept any deal to avoid Brexit is misguided. Not only are there red lines that they will not cross, but the clock is ticking as well, writes Fabian Zuleeg.  View Article
FedTrust: No good choices for the British government in the Brexit negotiations
Its commitment to the Brexit option leaves the British government with no attractive strategy in the Brexit negotiations with the rest of the European Union.   View Article
Bloomberg: The UK's Brexit bill shouldn't derail talks
The first sticking point in Brexit negotiations is the size of the UK's final bill with the European Union. It's a silly dispute that both sides need to get past as quickly as possible so they can move on to more consequential matters, in Bloomberg's view.  View Article
Wolfgang Munchau: An exit from Brexit would prove a messy affair
It may be possible to halt Brexit, but any request to revoke Article 50 requires European Council consent, writes Wolfgang Munchau in the FT.  View Article
The Guardian: EU must change stance to protect citizens' rights, say Lib Dems
EU citizens in the UK and Britons living in Europe will face a further 18 months of turmoil unless the European commission urgently changes its stance on agreeing an early deal on citizens’ rights, a former Lib Dem cabinet minister has warned.  View Article
Financial Times: Deutsche Bank tells staff it is preparing for the ‘worst outcome’ from Brexit
The chief executive of Deutsche Bank has told employees the group is preparing for the possibility of a hard Brexit and would “inevitably” move a large portion of its assets and some employees to Frankfurt.  View Article
Bloomberg: Bank of America chooses Dublin for main EU hub after Brexit
Bank of America Corp. has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019, the latest global bank to finalize its contingency arrangements after Brexit.  View Article
Bloomberg: Morgan Stanley picks Frankfurt for its new EU trading hub
Morgan Stanley has become the latest global bank to pick Frankfurt for its new trading headquarters inside the European Union after Brexit, according to people briefed on the decision.  View Article
Financial Times: Japan’s Mizuho joins rival banks eyeing Frankfurt as post-Brexit hub
Mizuho Financial Group has become the latest of Japan’s major banks to earmark Frankfurt as the base for their securities operations in the wake of the UK’s decision to leave the EU.  View Article
Financial Times: MarketAxess chooses Amsterdam as EU base after Brexit
MarketAxess, one of the world’s largest corporate bond trading venues, has chosen Amsterdam as its main base for the EU after the UK leaves the single market.  View Article
Bloomberg: Frankfurt's mixed Brexit blessing
Frankfurt appears to be winning the race to woo the City of London's investment bankers and traders. Still, if this is what victory looks like for euro-zone financial centers, it's a hollow one.  View Article
Financial Times: Europe’s top private banks boost UK operations
Several of Europe’s top private banks are expanding their activities in the UK, shrugging off uncertainty over Brexit to capitalise on growth in the country’s increasingly attractive market for advising rich people on their money.  View Article
Bloomberg: Sovereign wealth funds ‘ring-fence’ UK assets ahead of Brexit
Northern Trust Asset Management’s largest clients including sovereign wealth funds are separating their UK assets from their European and global portfolios as they await the outcome of Brexit.  View Article
BBC: UK and US to start talks on post-Brexit trade deal
The UK is to hold its first talks with the US to try to sketch out the details of a potential post-Brexit trade deal.  View Article
BCC's Adam Marshall: Rushing into a trade deal with the US would harm the UK
The head of the British Chambers of Commerce says Britain would be outflanked in any hastily arranged transatlantic deal agreement.  View Article
Bloomberg: British exporters aren’t making plans for Brexit
Almost half have yet to review their strategies more than a year after the Brexit vote, despite the EU being a trading partner for 85 percent of exporters, the YouGov Plc poll for Lloyds Bank found.   View Article
ACCA: UK Government must increase exporting
Following Liam Fox’s speech on international trade at WTO in Geneva, ACCA announced that UK government must increase exporting.  View Article
The Irish Times: Brexistential crisis
A House of Lords report warns that Brexit is already damaging political stability in Northern Ireland, reports the Irish Times.  View Article

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