For the second time within a year, U.K. voters went to the polls and produced a surprise result. Last June, it was Brexit and this time around it is a hung Parliament as the incumbent Tories missed the 326 mark that they needed to form a government. Despite calls for Prime Minister Theresa May to… Read More >>
ESMA Leaves Key OTC Questions Unanswered
Although the latest edict from the European Securities Market Authority (ESMA) was supposed to clarify the concept of “traded on a trading venue” (TOTV), there is still some uncertainty around the over the counter (OTC) component of securities transactions. The objective of ESMA’s opinion is to help market participants better understand under which circumstances transactions… Read More >>
U.K. Election to Decide Brexit’s Path
The horrific bombing at the Manchester arena this week has temporarily suspended all campaigning for the June 8 U.K. election. Before the tragic event though, the Labour party was gaining ground and while the Tory party is still expected to win, its majority may not be as great as initially expected. The latest polls released… Read More >>
London Could Lose 9,000 Bank Jobs in First Brexit Wave
Although the U.K. hopes to retain as many financial services activities as possible in the wake of Brexit, big banks are making contingency plans and could shift at least 9,000 jobs out of the country, according to a tally collated from Reuters. To date, 13 major banks including Goldman Sachs, UBS, JPMorgan, Deutsche Bank and… Read More >>
Macron Victory Could Yield a Chastened E.U.
Europe breathed a sigh of relief earlier this week when Emmanuel Macron won the French Presidential election, beating the far right candidate Marine Le Pen by a comfortable majority of 66 percent to 34 percent. Now the hard work begins as the country is still under a state of emergency, struggling with a stagnant economy,… Read More >>
U.K. Election to Write Brexit’s Next Chapter
It has been almost a year since the British voted on the European Union referendum and very few thought they would be heading back to the polling stations so soon. However, in a surprise move, U.K. Prime Minister Theresa May last week called a snap election for June 8 that is likely to clarify the… Read More >>
LSEG-Deutsche Börse Breakup Paves the Way for Other Suitors
The marriage of the London Stock Exchange Group (LSEG) and the Deutsche Börse was always on shaky ground despite the participants hoping that this time they would be able to finally walk down the aisle after two failed attempts. However, this was not to be and the European Union competition regulators broke up the union…. Read More >>
Messy Divorce to Follow Brexit Launch
After much debate, discussion and wringing of hands, U.K. Prime Minister Theresa May pushed the Brexit button on Wednesday, March 29, and handed the Article 50 letter to European Council president Donald Tusk to start the long and thorny two-year negotiation process. While both sides were trying to strike a conciliatory tone, as with most… Read More >>
European Elections Could Decide the E.U.’s Fate
As the U.K. is poised this week to press the Article 50 button to trigger the Brexit negotiations, the Dutch are gearing up for elections on March 15. All eyes will be on the far right parties that have garnered hope from the U.K. and U.S. election results last year. But opponents of right-wing, anti-E.U…. Read More >>
Brexit Imperils LSE-Deutsche Börse Merger
Perhaps it was inevitable after the Brexit vote that the €29 billion ($24.4 billion) merger of the London Stock Exchange and Deutsche Börse would never see the light of day. However, the LSE’s decision not to divest its 60 percent share in MTS, the Italian bond trading platform, to appease the European Commission’s anti-trust regulators… Read More >>
