Eurosceptic politicians form new post-Brexit City lobby group February 16, 2021 A group of Eurosceptic City figures and politicians have created a new UK financial services lobby group in a bid to trumpet the sector’s success post-Brexit. The body, launched yesterday, is called the CityUnited project and it aims to “combat and negate the EU’s actions” by “promoting bold new initiatives to exploit the UK’s expertise in [...]
Government report calls for regulations bonfire to give UK a ‘post-Brexit dividend’ February 16, 2021 The UK should slash regulation and overhaul the competitions authority to give the economy a post-Brexit boost, according to a report commissioned by the government. The report, written by Tory MP John Penrose, calls for the government to create a “Brexit dividend” by “replacing bureaucratic EU rules with modern, digital equivalents”. Penrose’s report, commissioned by [...]
EU financial services chief warns of long road ahead for UK-EU equivalence deal February 12, 2021 The EU’s financial services chief has warned the UK that “there cannot be equivalence and wide divergence” in financial regulation as the battle over the City’s future relationship with the bloc heats up. Mairead McGuinness also confirmed fears held by many in the City that the EU would demand to know the UK’s future regulatory [...]
Exclusive: Brexit a bigger headache for business leaders than Covid pandemic February 11, 2021 Brexit represents a bigger challenge to most UK businesses than the Covid-19 pandemic, as additional paperwork, unexpected costs and new regulatory requirements make life more difficult than temporary lockdowns. Business leaders have told City A.M. that Brexit is currently their number one headache, despite the government’s pledge that the UK-EU trade deal that was agreed [...]
London experiences massive drop in Euro swaps trading post-Brexit February 11, 2021 Trading in euro-denominated swaps has dropped by nearly 30 per cent in London since the end of the Brexit transition period on 31 December, with trade primarily shifting to New York, Amsterdam and Paris. According to new data from financial research company IHS Markit, published earlier today, euro swaps trading in the City of London [...]
Brexit crowns Amsterdam Europe’s top trading hub, ousting The City February 11, 2021 Amsterdam surpassed London as Europe’s largest share trading centre last month, as Brexit led London to lose business. Some €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE and Turquoise, the London Stock Exchange’s platform, last month – a more than fourfold increase from December, the Financial Times reported. [...]
Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal February 10, 2021 As the heart of the UK's service sector economy, London is in line to lose up to £9.9bn a year if a post-Brexit deal on financial services doesn't protect the City, new research out this morning finds.
Financial markets continue to hang on two Vs: vaccine and virus February 9, 2021 Global equities bounced strongly last week, gaining nearly 5 per cent and more than reversing their losses from the previous week. Stock markets ended the week at new highs and opened again higher yesterday. The market correction ended up lasting no more than a week. “So too did the surge in GameStock which has fallen back [...]
The City takes fresh Brexit hit as carbon futures trading heads for Amsterdam February 9, 2021 Trading of European carbon futures will move to Amsterdam from London in the coming months, Intercontinental Exchange (ICE) announced last night. The move is another setback for The City and the latest sign of activity leaving London for the bloc following Brexit. The City has been largely cut off from the EU since 1 January, [...]
Before the Bell: Bitcoin goes through the roof as positive investor sentiment persists February 9, 2021 Bitcoin was driven to fresh record highs overnight – it traded above $47,000 – on the news that Tesla bought $1.5bn worth of the cryptocurrency. In the same announcement, the electric vehicle manufacturer revealed that it intends to accept the digital currency as a method of payment too. “One of the criticisms of Bitcoin is [...]