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26 April 2018

Brexit Weekly


Global finance after Brexit, Commission Vice-President Valdis Dombrovskis on EU/UK financial regulation post-Brexit, clearinghouses in the US and London after British withdrawal, City exodus, China and Japan trade deal with post-Brexit Britain, Britain withdrawing from EU's customs union and more.

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  Articles from 19 April 2018 - 26 April 2018

  Brexit & UK
 
 
Deutsche Bundesbank's Dombret: How will Brexit change the map of global finance?
Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, argues that "Brexit may very well prove to be a tipping point" that "might set in motion fundamental changes which impact on where banks do business and how international supervision works."  View Article
Speech by Vice-President Valdis Dombrovskis at City Week in London
The European Commission Vice-President gave a snapshot of the EC's work to break down barriers and further integrate the EU single market for capital, and how Brussels can manage the fact that the UK has decided to withdraw from it.  View Article
FCA's Bailey: Brexit: what does it mean for financial markets to be open?
Andrew Bailey, Chief Executive of the FCA, spoke about Brexit, where things stand from a financial services perspective, and focused on what it means to have open markets, and how lawmakers can preserve them for the benefit of all.  View Article
Bloomberg: ECB seeks new powers to deal with clearing crises outside the EU
The European Central Bank is pushing Brussels policy makers for major new powers over clearinghouses in the US and London post-Brexit, upping the stakes in a battle between global regulators on oversight of the multi-trillion-dollar market.  View Article
The Guardian: EU officials dismiss City minister's notion of UK sweetheart deal
A claim from the UK’s City minister that the EU is softening its opposition to giving the country’s financial services sector a special Brexit deal has been dismissed in Brussels.  View Article
Bloomberg: UK urges fix for Brexit threat to $137 trillion of derivatives
The UK’s top financial regulators called for lawmakers on both sides of the Channel to defuse the threat posed by Brexit to 96 trillion pounds ($137 trillion) worth of derivatives contracts.  View Article
Financial Times: Brexit peril sends ripples across the Atlantic
Problems loom for America whether London keeps its euro derivatives clearing or not, warns John Dizard.  View Article
Bloomberg: Germany wants to help UK banks but needs concessions
Germany wants to help U.K. banks get access to the European market after Brexit, but would need Britain to make concessions, according to a person familiar with the German government’s position.  View Article
Financial Times: Bank of England more optimistic on risk of City exodus post Brexit
The Bank of England is more sanguine about the immediate effects of Brexit on City of London jobs, revising down earlier estimates of how many roles would migrate to the European Union when the UK first leaves the bloc.   View Article
Financial Times: Banks aim to secure London jobs with back-to-back trading
London-based investment banks are increasingly hopeful the European Central Bank will allow them to use “back-to-back” securities arrangements to manage the majority of trades in EU operations out of their existing London bases.   View Article
Bloomberg: EU’s Barnier warns UK it must produce its Post-Brexit ‘vision’
The UK must present a clear plan for its future relationship with the European Union if Brexit negotiations are to move forward, EU chief negotiator Michel Barnier said.  View Article
Investment & Pensions Europe: Managers have three months to guard against no-deal Brexit
Asset managers have just three months left to apply for a Dublin authorisation should the UK crash out of the EU without an agreement over its future relationship with the bloc, Irish investment experts have warned.  View Article
Bloomberg: Labour could bend on immigration to keep banks in Britain after Brexit
Britain’s opposition Labour Party would be willing to set aside voter demands for an immigration clampdown in order to secure a Brexit deal that keeps financial services companies in London.  View Article
POLITICO: Chinese ambassador to EU: No UK trade talks without a Brexit deal
In his first media interview, Zhang Ming warns about ‘spillover effects’ from the Brexit process for the global economy.  View Article
The Guardian: Japan ambassador’s Brexit warning: there won’t be a deal better than the single market
Koji Tsuruoka tells the Observer of his fears and hopes for manufacturing, trade and investment in the UK after Brexit.  View Article
Financial Times: Brexit could yet be stopped at customs
Gideon Rachman writes that the issue is critical because it marks the frontier between a ‘hard’ and a ‘soft’ deal.  View Article
Financial Times: The customs union is imperative for Britain’s future prosperity
In the FT's view, after Brexit the UK must keep its borders open to European trade.  View Article
The Telegraph: EU rejects Theresa May's Brexit Irish border solution as doubts grow over whether UK can leave customs union
The EU has comprehensively rejected British proposals for avoiding a hard border in Northern Ireland in a move which will cast serious doubt on the UK’s ability to leave the customs union, The Telegraph has learned.  View Article
Bloomberg: Labour will work with Tory rebels to fight for EU Customs Union
The Labour Party has given its clearest signal yet that it will join forces with rebel Tories in an attempt to defeat Theresa May on Brexit, threatening a political crisis that could bring down her government.  View Article
House of Commons: Brexit: free trade agreement with EU crucial for UK food and drink industry
The Business, Energy and Industrial Strategy (BEIS) Committee says the Government is almost out of time to negotiate an orderly trade system after the Brexit transition, risking a significant impact on consumers, businesses and workers in the processed food and drink sector.  View Article
The Guardian: Brexit divorce bill could surpass £39bn, warns Whitehall watchdog
The cost of the Brexit divorce bill for the UK could be billions higher than the £35bn-£39bn figure put forward by Theresa May, a report by the UK's National Audit Office (NAO) suggested.   View Article
Financial Times: Hiring tumbles at UK fund houses as Brexit plans kick in
Fund managers have cut the rate at which they are hiring in London by as much as half since the UK voted to leave the EU in June 2016.  View Article
House of Commons: 'Grave concerns' over department's approach to Brexit
The Public Accounts Committee report finds that given the scale of the Brexit task facing the Department for Business, Energy and Industrial Strategy and its significant domestic policy agenda, they are alarmed that the Department has made virtually no attempt to re-order its priorities.  View Article
Financial Times: European Investment Bank pulls back on UK funding after Brexit
The European Investment Bank has slashed deals with UK venture capital and private equity groups by more than two-thirds following the Brexit vote, casting a pall over technology start-ups that rely heavily on its capital for fundraising.  View Article
The Economist: Could Britain stand another vote on Brexit?
It is Parliament, not a fresh referendum, that is most likely to derail Britain’s exit from the European Union, in the view of The Economist.  View Article
Bloomberg: No, the UK isn't going to rejoin Europe
A new poll by Bloomberg shows that those who wish Britain to be in the EU may have more luck persuading the public to stop Brexit than to rejoin the EU later. Any future pro-EU campaign would need to do much better, particularly among Conservative voters, to have a chance of succeeding.   View Article
Chronicle Live: Brexit: Over half the North East wants to keep the single market
Almost two years since the region voted to Brexit, a new survey also reveals most people aren't happy with negotiations.  View Article
 

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