Despite U.K. politicians wanting to focus on social and health issues, Brexit stubbornly stayed front and center on the U.K. political scene throughout 2017. There were many nail biting moments as the talks progressed and this will certainly be the case for 2018. The firing gun was started last March when U.K. Prime Minister Theresa… Read More >>
Big Battles to Follow Breakthrough in Brexit Talks
It has been a rollercoaster couple of weeks for U.K. Prime Minister Theresa May. After six long torturous months of negotiations, there was a breakthrough on the Brexit divorce front last week between May and European Commission President Jean-Claude Juncker and the European Union’s chief Brexit negotiator Michel Barnier. However, the euphoria was short lived…. Read More >>
CFTC’s Giancarlo Sounds the Alarm on E.U. Overreach
There are so many moving parts to the Brexit negotiations between the U.K. and the E.U., but the European Commission’s wish to tighten its grip on non-European clearinghouses has rankled U.S. regulators. In an opinion piece titled “An EU Plan to Invade U.S. Markets,” published in The Wall Street Journal by J. Christopher Giancarlo, chairman… Read More >>
75,000 London Jobs in Financial Services Could Exit with Brexit
As the Brexit negotiations stagnate, there is a concern that U.S. banks will trigger their contingency plans and move thousands of jobs out of London before any Brexit deal is struck. Speaking before peers on the House of Lords E.U. financial affairs sub-committee on November 1, Sam Woods, a deputy governor of the Bank of… Read More >>
U.K. & E.U. Look for Miracles in Brexit Talks
Views seem to differ on how much progress was made in the fourth round of the Brexit negotiations that took place last week. While David Davis, the U.K.’s Brexit secretary, described the talks as moving forward in a “decisive” manner, his counterpart, the European Union chief negotiator Michel Barnier struck a much more cautious tone…. Read More >>
Frankfurt Leads in Race to Be Next E.U. Financial Hub
As U.K. and European Union officials battle it out over Brexit financial settlements and border resolutions, Paris, Amsterdam, Dublin and Frankfurt are vying to be the city of choice for London-based financial institutions searching for a new European base. Competition is fierce but Germany’s largest city and financial capital, already home to the European Central… Read More >>
U.K.’s Brexit March Challenged by E.U. Demands
Although members of parliament (MPs) have been on summer recess, the U.K. government has been busy issuing a series of Brexit position papers on a range of subjects, including the customs union, standard checks on goods exports, the legal regulatory framework and data protection. The hope is that the position papers will help accelerate negotiations,… Read More >>
Brexit-Born Bank Exodus Begins
Frankfurt and Dublin are emerging as the favorite hotspots for foreign banks as United Kingdom and continental European negotiators hammer out a Brexit deal by March 2019. Although many observers believe that the Brexit process will take longer than the earmarked two-year period, there has been a spate of announcements because banks, fund managers, insurers… Read More >>
U.K.’s Chancellor Takes Softer Brexit Stance
The official Brexit negotiations started earlier this week with the meeting of Brexit Secretary David Davis and his European Union counterpart Michel Barnier. However, the battle lines are being drawn more on the U.K. domestic side than continental shores as Chancellor of the Exchequer Philip Hammond broke ranks by calling for Britain’s softer departure from… Read More >>
E.C. Eyes the Prize of Euro-Denominated Clearing
The European Commission (E.C.) has been trying to get its hands on London’s lucrative $900 billion-per-day euro-clearing business for years and it is using Brexit to seize the prize. While the plans stop short of a forced relocation after the U.K. leaves the European Union (E.U.), newly released proposals from E.C. officials would tighten the… Read More >>
