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Perhaps [Johnson] felt that the EU simply couldn't manage without the City's financial and legal expertise and would come begging for those services to continue soon enough. If so, he is likely to be disappointed.

He is certain to be disappointed.  The City doesn't have a super secret sauce making their international finance products taste better than Frankfurt, Paris, New York, Tokyo, etc.  The work is mostly done on computers and the computers can be anywhere.  The UK is simply not as necessary in 2020 compared to 100 years ago, international firm no long have to have a presence, The City just isn't that important in the general scheme of things, and as the UK economy slowly degrades will become even less important over time.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Jan 3rd, 2021 at 12:09:55 AM EST
Profit margins do depend on where the transaction takes place. If the City is not included in all the level playing field issues, it will become even more unregulated, almost to offshore levels. Only if the EU takes significant steps to disallow financing based upon such issues, would EU business have to avoid the City.

I don't believe that is presently the case, as EU financial regs remain not tight enough. And would Luxemburg still be allowed? Here's where it would be good to have the view of Jérôme.

All the very best to all of you in the coming year. Onward!


"Life shrinks or expands in proportion to one's courage." - Ana´s Nin

by Crazy Horse on Sun Jan 3rd, 2021 at 09:01:08 AM EST
[ Parent ]
And a happy new year to you too!
by Bernard on Sun Jan 3rd, 2021 at 01:00:34 PM EST
[ Parent ]
And to you!

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sun Jan 3rd, 2021 at 04:39:05 PM EST
[ Parent ]
EU share trading flees London on first day after full Brexit

London's financial sector started to feel the full effects of Brexit on the first trading day of 2021 as EU share trading shifted away from the City to facilities in European capitals.

Trading in equities such as Santander, Deutsche Bank and Total moved back to primary exchanges such as the Madrid, Frankfurt and Paris stock exchanges, according to early data from Refinitiv -- an abrupt change for investors in London, who have grown accustomed to trading shares in Europe across borders without restrictions. Hubs for euro-denominated share trading in London, including Cboe Europe, Turquoise and Aquis Exchange, all rapidly shifted business to their new EU marketplaces set up late last year to cater for the end of the Brexit transition.



She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Tue Jan 5th, 2021 at 03:47:36 PM EST
[ Parent ]
Brexit: Exiting from Britain.
by Bernard on Tue Jan 5th, 2021 at 05:27:38 PM EST
[ Parent ]
And the rest of the world starts a boycott.
A growing number of retailers in the EU have decided they won't deliver to Britain because of the new costs involved in sending packages after Brexit. Companies have said they are unwilling to register for VAT in the UK, with one Dutch firm calling the red tape "ludicrous".
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Jan 5th, 2021 at 05:42:08 PM EST
[ Parent ]
Diane Dodds demands action as deliveries from GB to NI suffer | Irish Times |

by Oui on Tue Jan 5th, 2021 at 07:36:18 PM EST
[ Parent ]
And
And Marks & Spencer said new trading rules in place since Britain left the EU were delaying deliveries of food to its stores in France - where branches had empty shelves on Tuesday.
So the French will have to drink Perrier instead of Scottish Mountain Water. Tough.
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Jan 5th, 2021 at 07:52:17 PM EST
[ Parent ]

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