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Cinderella
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17-08-2020, 10:41 AM
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&#@%!?

https://www.express.co.uk/news/polit...latest-update:

The European Commission has said it won’t be ready to grant so-called “equivalence” decisions for months because the bloc’s own regulations are facing a policy overhaul.This means the City of London faces an agonising wait, which could go beyond the expiration of the transition period at the end of the year, to know whether banks and asset managers will have access rights to the EU’s markets. Commission vice-president Valdis Dombrovskis said Brussels would not be ready to assess whether Britain qualifies for the access.

Do not believe a word.
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17-08-2020, 10:47 AM
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Hi

We have no right to demand, it is for the EU to Grant.

We turned down a basic Canada Deal, we wanted Canada +++
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17-08-2020, 10:54 AM
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Re: &#@%!?

Originally Posted by Cinderella ->
https://www.express.co.uk/news/polit...latest-update:




Do not believe a word.
Exactly... if the EU refused to allow clearing to go through London their economy would come to a grinding halt and the Euro would implode in a second.
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17-08-2020, 01:30 PM
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....and here we go again....
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17-08-2020, 01:31 PM
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Re: &#@%!?

Come on! It’s the Express!
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17-08-2020, 01:58 PM
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Re: &#@%!?

Originally Posted by Cinderella ->
https://www.express.co.uk/news/polit...latest-update:




Do not believe a word.
It's on thursday's agenda for barnier and frost in the EU UK negotiations. https://www.reddit.com/r/brexit/comm...1_august_2020/

Like barnier says: no fishing, no banking.
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17-08-2020, 02:12 PM
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Re: &#@%!?

If the EU decide they cannot use London for Euro clearing, finance, insurance etc because they are not recognising our international finance standards, it will end the Eurozone and most of the other countries in the EU.

They will, effectively be saying that London (the biggest financial centre in the world) cannot trade in EU markets and vice versa, which also means they will also no longer be able to trade in USA, Singapore, Switzerland etc because they also share mutual recognition with London. A rule for one is a rule for all.

This stupidity is a great example of why we left. It shows how the EU commission do not give a toss about the 27, it's money, their economies or the people, only their political agenda.

I hope the EU do this - it will end them overnight.
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17-08-2020, 02:16 PM
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Re: &#@%!?

Originally Posted by Bread ->
If the EU decide they cannot use London for Euro clearing, finance, insurance etc because they are not recognising our international finance standards, it will end the Eurozone and most of the other countries in the EU.

They will, effectively be saying that London (the biggest financial centre in the world) cannot trade in EU markets and vice versa, which also means they will also no longer be able to trade in USA, Singapore, Switzerland etc because they also share mutual recognition with London. A rule for one is a rule for all.

This stupidity is a great example of why we left. It shows how the EU commission do not give a toss about the 27, it's money, their economies or the people, only their political agenda.

I hope the EU do this - it will end them overnight.

Before spouting this nonsense you should do some reading up. https://ec.europa.eu/info/business-e...e-decisions_en
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17-08-2020, 02:29 PM
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Re: &#@%!?

Originally Posted by Solasch ->
Before spouting this nonsense you should do some reading up. https://ec.europa.eu/info/business-e...e-decisions_en
Your agreeing with me

I already said about equivalence - its the EU refusing to accept equivalence in UK finance as a NON-EU member - read your own link.

Guess what happens when the EU refuses to recognise London and its regulations on finance ?

Yeah - you implode because it cannot trade with the Londons markets or anyone else and likewise, the UK cannot trade with the EU (or anyone else that has mutual recognition with because by doing so, the EU is also refusing to recognise their regulations). All those EU contracts paid in Euros would stop immediately and you will see companies going bankrupt all over the place.

Over 70% of trades in the EU are done through London.

Go and learn something Solasch, go on surprise us
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17-08-2020, 03:11 PM
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Re: &#@%!?

Originally Posted by Bread ->
Your agreeing with me

I already said about equivalence - its the EU refusing to accept equivalence in UK finance as a NON-EU member - read your own link.

Guess what happens when the EU refuses to recognise London and its regulations on finance ?

Go and learn something Solasch, go on surprise us
It's a two way street. Once granted, both sides still have the right to withdraw their equivalence finding at any time, an issue causing consternation in the UK industry. As it stands, the EU can withdraw recognition with as little as 30 days’ notice; that could upend the business model of the London Stock Exchange, which needs to offer EU clients three months’ warning of contract termination.

As stated correctly in the DE article, the EU begins a comprehensive overhaul of its financial laws.
Major investment banks want to be able to reach European clients while keeping investment decisions close to the large and liquid capital markets in London. That is done not through equivalence procedures, but via the permission to delegate functions outside the EU’s jurisdiction.
The European Commission failed in a previous attempt to impose more EU control over those delegation arrangements, in a review of EU financial watchdogs’ powers. But they are not immune from change: France still regards them as a suspect loophole.
There is now certainty that, in a bank-capital overhaul due this autumn, the commission may want to address a perceived shortcoming. Foreign banks that open branches in an EU member state are subject to national, rather than EU rules — meaning the likes of Ireland or Luxembourg could seek to attract London-based institutions and their business by undercutting.
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