Re: &#@%!?

You recognise another countries regulations or you don't. You don't do it on a bank by bank basis.

Just think about what's going to happen to EU banks over here if they don't

Re: &#@%!?

You really don’t understand do you

Nothing will happen to the EU banks over here as they are already set up in London trading in UK financials and paying taxes in the UK. They don’t need equivalence.

U.K. and other countries banks who trade EU financial from London are now setting up offices in EU cities to mitigate against the loss of passporting and the possibility of no equivalence agreement. This has resulted in an estimated £1Trillion of financial trading moving from London to the EU who will also pocket the resultant tax revenue

The EU have already granted equivalence to the USA which is likely to be a strategy to allow the US banks to pick up clearing and other financial trading that previously was pretty much monopolised by London.

At present the EU don’t seem bothered about granting the UK equivalence anytime soon. Why are you so desperate for equivalence as I thought you wanted to trade less with the EU post Brexit

Re: &#@%!?

The EU are playing stupid games. They know dam well if they don't recognise uk financial regulations they will implode over night.

Your project fear was nonsense the first tone round, it's even worse now it's reheated.

If UK regulations weren't recognised by the EU why are the banks all still here and why are more foreign banks investing in the UK ? They would have left years ago if you were right.

They haven't and they won't.

Re: &#@%!?

I thought by now you would understand but obviously not.

The EU banks are here don’t need equivalence as they are trading under U.K. rules and regulations.

It’s the same principle that's prompted U.K. banks to set up offices in European cities where they can trade under EU/national rules and regulations and not need equivalence

Only Banks and financial institutions in the U.K. wanting to trade with the EU and possibly vice versa would need recognition of equivalence

They wouldn’t have left years ago because they were trading here under U.K. rules and regulations and they could also trade across the as passporting was in place up to 31 December 2020

They won’t implode as they have given equivalence to the US and others have set up in the EU and it is estimated that London has already lost £1trillion of trading to the EU. More importantly we have lost the tax revenue

Project Fear = denial of reality

Re: &#@%!?

Mutual recognition works both ways.

Your making up stories. The UK is the world leader for finance and financial regulations, the banks aren't going anywhere. If the EU decides not to recognise uk regulations it would be suicide for the euro zone. Passporting works both ways too and it's done all over the world, not just in the EU, and just for your information, regulatory recognition is nothing to do with trade deals. One of the reasons banks aren't moving here as much as UK banks (and others) setting up passporting offices is that most of the EU banks already have an office here so don't need to. That's because London leads the world ... and has done for decades. It was deutsche Bank apologising a couple of years ago regarding their scare stories similar to yours that weren't true remember ?

It's been 5 years since we left - we get more investment.

If the EU was the utopia you claim it to be you would be living there.

Re: &#@%!?

The banks don’t need to go anywhere, they just need of open an office in the EU and then don’t need equivalence. It’s the trades and the money tat moves and just a few months in London has already seen 10% of its business move to the EU which brings in about £7.5 billion in tax revenue per year which we have now lost and is only £1.9 billion less than our net contribution to the EU was.

It seems you are not aware that passporting requires membership of the EU so is no longer available. The best we can hope for is recognition of equivalence

5 years??? It’s been less than 4 months since we formally left the EU. No wonder you are confused

However it’s good to see that you now understand that the major EU banks are not too concerned with equivalence as they already have offices here but it’s also the reason that trades one money are mostly moving in one direction and that is to the EU

Where have I ever stated the EU is utopia? You really should stop making things up

Re: &#@%!?

Passporting is done all over the world, not just in the EU.

There are loads of countries we don't have trade deals with which we have vice versa regulatory recognition with. I've said before, regulatory recognition for financial services is nothing to do with EU membership otherwise China, Australia, USA etc would all be members of the EU (your bit in bold above).

I've already explained and mutual recognition as well - it's to avoid passporting in the first place so I'm not doing it again. If the EU refuse UK passporting then it would be replicated on the UK side (it works both ways) and besides over 70% of Euro trades are requested to be done I the UK anyway by clients, due to the EU corruption, false accounting and reporting issues but mainly because of the UK regulations etc around money laundering etc. The UK is way ahead of the EU in financial operations, its why we are the world leader and the financial centre the world trusts. Nobody says that about the EU, they never have and they never will.

The project fear ship sailed years ago Banchory.

Re: &#@%!?

That 10% of our trades have moved to the EU is fact. Are you saying a Brexiteer invention namely project fear turns out to be fact?

It seems the EU has granted some equivalence to the UK

https://ec.europa.eu/info/sites/defa...cisions_en.pdf

Re: &#@%!?

UK will stay financial services leader without EU equivalence deal, says KPMG boss

"If the UK and EU fail to agree an equivalence deal it will not be the end of the world, according to KPMG’s head of FS Karim Haji, who was feeling upbeat about the future of financial services in the UK.

Haji, who was made KPMG’s head of FS in June 2019, acknowledged an equivalence deal between the UK and EU would “make life easier”, but argued it was not mandatory for a successful FS sector."

"“If you take a step back, the UK has been one of the leaders in financial services regulation and infrastructure, it’s one of the key innovators in the space as well, and one of the leaders in the world, and that’s why the UK has been successful in exporting financial services – that isn’t changing as a result of Brexit,” he continued. "

https://www.cityam.com/uk-will-stay-...ays-kpmg-boss/

Re: &#@%!?

Frightened like hell to lose that job, karim haji is. 🤢