Frankfurt vs. London: Bundesbank Head Says UK Should Lose Bank Passporting Rights Due to Brexit
First there was Brexit or No Brexit, now the key question to ask is whether there will be a hard or a soft Brexit. If the United Kingdom takes a hard stance on the movement of people and completely moves out of the European Union in any shape and form including the EEC, then the chances are that the British Banks will lose their so-called passporting rights. Banking matters to Britain. Britain is the largest market for Euros outside of the common currency area. It is also a country that is dependent on its financial services industry for generating a large measure of its wealth. The UK’s....
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France’s market regulator has said that leading banks in London are in the advanced states of moving their operations to Paris, amid Brexit fears, reports the BBC. Benoit de Juvigny, secretary general of Autorite des Marches Financiers (AMF), said to the BBC, that ‘large international banks’ in London have taken steps to move procedures to the French capital. In the event of a ‘hard Brexit’ British financial institutions would lose their passporting rights, which currently permits banks in the U.K. to provide services across the European Union without any restrictions. When Britain leaves....
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The race is on between European cities including Frankfurt, Dublin and Paris for London's finance crown following the Brexit vote. Just a day after the vote result was announced last week, Ireland's foreign investment agency had already contacted more than a thousand investors letting them know the Emerald Isle is part of the European Union and will remain so, while offering assistance in moving staff over from the United Kingdom. Although this is all very premature as Article 50 is yet to be triggered and when it is, there will be up to two years of negotiations, these other major....