I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control.
The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
Clearing deadline extended to 2028 it seems. https://removepaywalls.com/https://www.ft.com/content/3cad1c8d-0478-47d3-a2e1-9bae066de647
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control. The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
The UK firms just beefed up desks in the EU… They are all fully compliant and operate within the EU. Like LCH SA.
How can the EU stop those firms?
Why would they want to stop them? They want them within the EU, so… mission accomplished?
The profits get booked in London, the markets stay in London