Connect with us

Popular World News

Stable EU relations with City of London will take time, says EU financial chief By Reuters

Japan's NTT invests big in London amid Brexit uncertainty By Euronews

ECONOMIC NEWS

Stable EU relations with City of London will take time, says EU financial chief By Reuters

© Reuters. News conference resilience of Europe’s economic and financial system in Brussels

By Huw Jones LONDON (Reuters) – The European Union foresees “stable and balanced” relations with Britain’s financial sector eventually after ground rules for cooperation are agreed next month, its financial services chief said on Thursday. Britain’s financial sector has been cut off from its biggest export customer, with 8 billion euros in daily share trading moving from London to Amsterdam and Paris after Britain left the EU on Dec. 31. EU financial services commissioner Mairead McGuinness said Brexit has resulted in a “significant regime change” but forward planning meant no volatility or disruption in financial markets last month. The first step in building a new relationship with Britain in financial services will be agreeing a memorandum of understanding on regulatory cooperation, she said. “We hope to do that by the end of March,” McGuinness told an Irish Universtities online event. “I hope it will be the same type of arrangement that we have with the U.S… and I am optimistic that over with trust and cooperation, that we will build a stable and balanced relationship with our UK friends.” EU and U.S. regulators meet several times a year to discuss international developments in regulation and deal with any potential conflicts. The memorandum, described by a City of London official as no more than a “talking shop”, will not automatically lead to direct EU access for Britain’s financial sector, Brussels has said.
Some UK lawmakers say Britain should not wait for EU access and instead make regulatory changes to boost London’s global competitiveness.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in ECONOMIC NEWS

To Top
error: Content is protected !!
Top