UK Admits It Has to Pay for Brexit, Is Regulatory Passporting on the Table?
by
Colin Firth
The financial services industry hopes that the UK will manage to secure financial services passporting.
The financial services industry has been one of the hardest hit by the Brexit process, not least due to the Volatility in the British pound's exchange rate. The biggest concern for companies however has been the likely loss of free market access between the UK and the rest of the European Union, which may force them to relocate business to the EU.
With the ongoing Brexit negotiations casting a big shadow over the future business dealings of firms operating in the UK, the news that London has finally agreed that it needs to pay a settlement bill is welcome.
The UK has finally put down on paper that it needs to pay the cost of leaving the European Union. This cost is termed as the Brexit bill and though the amount is not exactly clear as yet, estimates range between 40-100 billion euros.
Regulatory Equivalence Clauses
Retail brokers regulated by the UK FCA are yet to gain certainty about their operations in a post-Brexit world. While the MiFID II agreement is proceeding as scheduled, passporting of financial services makes sense.
Equivalence clauses with regulators outside of the EU are a good case for expecting that the bulk of the financial services industry can be governed by the same regulatory framework and firms can retain single market access. Asset management, banking, insurance and market infrastructure are subject to equivalence in a number of cases, giving hopes to FCA-regulated companies that they might after all retain most of their infrastructure in London.
The issue has been a contentious one during the run-up to Brexit negotiations. Any resolution on this matter could be a blessing in disguise for financial services providers that are based in London, including retail brokers.
In exchange for paying a settlement fee, the UK may get the upper hand in demanding a continuation of regulatory passporting of financial services between the UK and the European Union.
Hello Frankfurt, Paris and Dublin
In the meantime British banks are continuing to fret over Brexit and mainstream news outlets continue flashing headlines about job relocations to Frankfurt, Paris and Dublin.
So far major financial institutions have committed to moving 2,600 jobs away from the City. UBS and Goldman Sachs are committed to the capital of German finance, while HSBC and Society Generale are focusing on France. Barclays has been contemplating moving 150 jobs to Dublin, while the big guns in the industry, JPMorgan and Deutsche Bank, are yet to make a commitment.
The financial services industry has been one of the hardest hit by the Brexit process, not least due to the Volatility in the British pound's exchange rate. The biggest concern for companies however has been the likely loss of free market access between the UK and the rest of the European Union, which may force them to relocate business to the EU.
With the ongoing Brexit negotiations casting a big shadow over the future business dealings of firms operating in the UK, the news that London has finally agreed that it needs to pay a settlement bill is welcome.
The UK has finally put down on paper that it needs to pay the cost of leaving the European Union. This cost is termed as the Brexit bill and though the amount is not exactly clear as yet, estimates range between 40-100 billion euros.
Regulatory Equivalence Clauses
Retail brokers regulated by the UK FCA are yet to gain certainty about their operations in a post-Brexit world. While the MiFID II agreement is proceeding as scheduled, passporting of financial services makes sense.
Equivalence clauses with regulators outside of the EU are a good case for expecting that the bulk of the financial services industry can be governed by the same regulatory framework and firms can retain single market access. Asset management, banking, insurance and market infrastructure are subject to equivalence in a number of cases, giving hopes to FCA-regulated companies that they might after all retain most of their infrastructure in London.
The issue has been a contentious one during the run-up to Brexit negotiations. Any resolution on this matter could be a blessing in disguise for financial services providers that are based in London, including retail brokers.
In exchange for paying a settlement fee, the UK may get the upper hand in demanding a continuation of regulatory passporting of financial services between the UK and the European Union.
Hello Frankfurt, Paris and Dublin
In the meantime British banks are continuing to fret over Brexit and mainstream news outlets continue flashing headlines about job relocations to Frankfurt, Paris and Dublin.
So far major financial institutions have committed to moving 2,600 jobs away from the City. UBS and Goldman Sachs are committed to the capital of German finance, while HSBC and Society Generale are focusing on France. Barclays has been contemplating moving 150 jobs to Dublin, while the big guns in the industry, JPMorgan and Deutsche Bank, are yet to make a commitment.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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