David Howson discusses the shift in U.K. trading to EU exchanges following Brexit.
Shift from UK to EU unprecedented in size, but not unpredicted: CBOE Europe president
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David Howson discusses the shift in U.K. trading to EU exchanges following Brexit.
It is not very significant in terms of jobs involved or taxes generated.
The big bang will come seond half next year when Euro clearing in the UK will become illegal.
@uwe in Hamburg -have you seen the latest F O I data on 1500 E U based companies in the financial services sector opening up in London ?-assuming an average of just 5 employees it seems this is a two way street and a recognition of importance of London -your theory about rents has just been blown out of the water .-
@Jérôme H -equally ,how many E U based financial services sector companies have opened up offices in London -1476 according to latest F O I data -seems the street goes two ways and a recognition of London importance despite Brussels petty stance on equivalence
@norman leighton I agree there will be a fierce competition and we will see who will succeed maybe New York… WWI and WWII were also self destructive for nearly all Western Europe nations including the “winners”
@norman leighton did you seriously fall for that? Businesses already working in the UK before 2021 now just registering a noffice to do the same work they did before is a recognition of Londons importance? Sounds similar to that story about the NHS nurses. 10.000 did not leave /were not fired so we have an extra 10.000 nurses. English are so unbelievably gullible.
@a b -Yes ,I do believe that 1000 firms opening up an office in London is a measure of how much they recognise the importance of London when you consider they already have equivalence access granted in 17 areas .They will have access to much more trade than available in the regional centres in the E U and financial products being offered into global activities as the U K seek out new opportunities .Gullible ? -bit like the storylines being peddled all over E U member states to the effectivness of the vaccine roll out .We were slow but we got it right .!!! Really ?
How can they (participants) not know this: the EU asked for guarantees as to make equivalence possible. The UK has till now said NO. How do you then expect equivalence to be accepted by the EU. This is not complicated. I don’t understand how this could be missed in this report.
@btosi there is.
@norman leighton “under WTO rules …… this would be classed as illegal” 1) WTO does not HAVE any rules – it has guidelines. 2) whatever two parties agree to within the advices laid out by WTO then that is what is legal. 3) if the Eu wishes to impose a regulation regarding equivalence, it can – (whether the UK agrees is up to the UK)
@h -sorry but the W T O does have rules and which are enforceable -arguably the situation with equivalence could be deemed to be in breach of most favoured nation status .
@norman leighton Were the EU to grant equivalence and then revoke it for some good reason in the future, then we in the UK would undoubtedly start squealing about how the nasty EU is treating us badly. Best, therefore, not to grant equivalence in the first place until such time as a) the UK has a government that can be trusted and b) it starts adhering to the treaties it’s already signed.
@Nautilus Shell -wow,in defence of an organisation that temporarily invoked article 16 and thereby creating a hard border in Ireland and now is threatening an export ban on vaccines to U K ,taking over production facilities etc etc and we are the “bad guys ” for ensuring that the lives of U K citizens are not unduly affected by the E U’s interpretation of an ill conceived protocol.However your point re equivalence ,if the U K seriously breached the conditions then we would have no valid reasons for complaining about revocation of the agreement .
The UK is like blinded to aknowledge that if the UK is staying no to the EU about the guarantees, they will take back control, as it shout be, they have to protect the EU customers. We dont want a second financial disaster.
Mere crumbs from the table. Londons business is 75 times greater than Amsterdam, and 5 times greater than the whole of the bloc combined.
@Diego Love You’ve cut your time frame a bit short, my old Son. Now wind your neck in and watch over the coming months and years. The facts will speak for themselves. I don’t need to continue this convo. Goodnight and God bless!!
@Paul Booth The grace period is in April the fun will start from March it’s gonna be fun
@Diego Love Too Right. See you on the other side.
How do you eat an elephant? One bite at a time, one bite at a time my friend.
Brexitards now rejoicing at London not loosing that much (yet) while it should have been a triumph of growth – how does the narrative change, doesn’t it
@Diego Love “We” are EU – it is an identity that all EU citizens have – but you can not grasp that evidently.
This is very similar in attitude to how the British motor industry viewed Japanese mopeds and cars in the 60’s. I think we will see a slow shift towards Europe and Asia away from London
Not very slow, methinks!
Already i see it
same shift is taking place on replacing the EU goods coming in.
@Fardeen Sidiqi interesting, any source for that since I haven’t seen it reported so far.
The UK is the only nation in the world to vote to be poorer…. Unbelievable. I guess it’s back to the good old days of being the sick man of Europe…
@Raaf -this is not the tune that Germany and many other countries are singing -listen to what Verhofstadt has to say on the issue
@norman leighton yes, the criticism is that it’s very unbalanced. That it has not been made very clear when the deliveries would be. But the truth is that both contracts have agreed about ‘best efforts’, and no preferential treatments. And the UK got it’s deliveries, but the EU less so, there is still something off about that. Especially since after criticism Pfizer suddenly was able to deliver some supplies sooner. I think with all of the criticism the Commission leader descided to apologize, to please the parliament and other critics who desperately wanted to hear that, but the problem still lies with Pfizer and their shady roll out of their vaccines.
@Paul Booth “True ignorance is not the absence of knowledge but the refusal to require it”
The less it is true, the more you have to shout about it.
Never argue with stupid people, they will drag you down to their level and beat you with experience
Somehow all of these statements seem to apply to you.
@a b Surely your “quote” should say “acquire it”, not “require it”?? You really shouldn’t try to be clever. It hasn’t worked. Anyway, apart from that I totally disagree with you. Go away.
@Paul Booth As if Brits give a fuck about poorer countries
The UK has had a 9% hit to GDP since January and that’s just the beginning. Hey but at least they have fish. .fish they can’t sell to their former biggest customer 😁😭😭🤣🤣
@Paul Booth 1 year of pandemic oes not caused the shrinking in uk’s gdp of two months of brexit!
that’s what has been said!
STOLID IN FAITH
@Giulia Malvassora Oh my GOD! It looks like we’re finished then. There’s no hope or future for us. What can we do? Well how about, as I keep saying, we just sit back, relax and watch the UK grow and prosper mightily over the next months and years, trading freely all around the world, including with the EU if they stop being childish and restrictive, free from over regulation and interference. That will be the proof of the pudding.
@Giulia Malvassora they needed to move part of the business to the EU to continue trading in the EU.
The same way many EU based companies moved to the UK after brexit… To carry on trading in the UK.
Hundreds of businesses from the EU have applied to trade in London, it will always be one of the world’s leading financial hubs.
The EU can’t match it and if they ever did it would take years. Sorry to burst your bubble but businesses trade in London for a reason and that reason won’t ever change.
Remember, the EU isn’t all of the trade that goes on in London. It’s a small % if I’m not mistaken about 10% maybe less.
There is a huge world outside the EU and they will continue to use London.
There is a reason so many people learn English around the world. A few Russians I’ve spoken to called it ‘the money language’ not because people who speak it are rich but because of London and New York 👌
Silly to claim there is no difference.
Since 1st January the UK is outside our regulatory scheme for financial institues, and rejects our laws and our jurisdiction regarding OUR finances.
It further notified us that it intends to move away from the existing rules, so what may still look aligned today will not be so tomorrow.
Given the UK’s untrustworthy behaviour so far, the EU must expect that the UK will change its rules the minute the ink is on any equivalence agreement.
And why on Earth should the EU countries, and the Eurozone in particular, have their financial matters managed by a third country which is openly hostile and wants to see it fail?
So, forget it.
@Stuey apStuey in fact Stuey – the deal has NOT yet been ratified but you are quite correct except that in certain goods import, we will have to ask the Eu if we can have the leftovers on certain quotas – so our obligation in that respect will not be to Japan but a “cap-in-hand” jobby to the EU. Well done Liz Truss!
@DOBERMAN715 Keep fooling yourself if it makes you feel better about the situation. These “new trade deals” are not new, they are just the same deals the UK had before with those countries. Like others have said, it’s a carry over with the same or worse terms than before.
Meanwhile entire markets have been virtually eliminated in the UK due to the extra trade costs Brexit has brought this country eg fishing exports, manufacturing exports, financial services.
Watch the next few years closely when the big employers start to leave; only then will the true devastating effects of Brexit be fully realised. Unfortunately it will be the kids in primary school right now who will suffer the most. GL
@Stuey apStuey because Brexit is all about the xenophobia that once help Britain remain independent from Napoleon and Hitler. Now we’ve discovered the first side effect
@DOBERMAN715 :)) yes, it’s true, I’ve seen someone bragging in UK’s media about a trade deal with Albania…. The poorest EU member, Bulgaria, has some commercial streets with GDP higher than many of your new trading partners.
The share trading in Amsterdam came as no surprise to anyone in London, the trading did not go through Frankfurt or Paris why? simply because the LSE setup a parallel platform in the Netherlands and so the share dealings that were made were nearly all through LSE 🇬🇧
@Mike Fox getting weirder by the minute I see. Logical thinking is not your strength is it, just randomly attributing sentiments to people to hide your own insecurity.
@a b Well I’ve been called childish, stupid. illogical and insecure – mmm please tell me again you’re not annoyed.
From where I’m standing it’s a bit like talking to a petulant child who simply can’t get there own way.
@Mike Fox projection
Sure, but revenue and profit made in EU means tax revenue taken in EU and not in London
@ybkseraph Tax revenue goes to the EU but Profit goes to the UK/London but that Profit is taxable in the UK as well 🤣 🇬🇧
I’ve just discovered this channel, by chance. I’m not surprised that there are hardly any followers. Such biased, wrong, stupid bollocks! Is it funded by the BBC?
@James Coughlan We don’t actually know anything about each other, but I’m missing you already.
@Paul Booth me too you are an endless source of amusement
@Paul Booth CNBC is a leading US news and business broadcaster, nothing to do with the BBC. The content was provided by the Head of CBOE Europe, an US owned securities exchange with its HQ in Chicago. CBOE Europe was set up to benefit from the opportunity to take business in Euro denominated securities from London post-Brexit. So not biased, wrong or stupid, adjectives that might describe you?
i found the channel truthful and informative until you posted
Prefer June Mummerys take on this do you:)
The Brexidiots and Tories have ruined the UK economy for years to come. Complete, stunning stupidity at it’s English best.
I think the Brexit has worked out brilliantly. The Germans are still allowed to sell their products to England but the English in return can no longer sell their financial services in the EU. As for British products, I miss for example …… and…. …… . After decades of descent, England is now finding its well-deserved place and exactly where it belongs: on the garbage heap of history. Warm greetings and all the best from Germany
@Karen Lewis The EU could have closed the borders for exporting the vaccines same as the USA.
@Michael Weskamp Really??? Is that how you’re trying to justify the error.
@a b ha, I don’t just read the UK press.
@Karen Lewis What error? Later ordering? Yes, could have been earlier. But then there was lots of complaining before about wasting money for the swineflu vaccine. Anyway, one year ago the standard time for a new vaccine to be ready was considered by the WHO with about 3 years. That first production would have been available before the year ended is totally unexpected and a very positive surprize.
@Karen Lewis , who did you vote for in the latest parliament elections of this “unelected organisation”? 🤣
Another win for the Netherlands. We emigrated here in 2028 from England. Great country to live in and do business.
2018…?
No guarantees by UK. No commitment to maintain standards so only risk from EU side. why would they give a carte blanche to “singapore on Thames”?
Another piece of miss information. Total fiction. Brush this crap aside
@Richard Phillips according to brexitards media, EU is falling appart since the treaty of Rome in 1958 – but hey brexitards continue to believe
@ybkseraph the UK is not the one who has shortages of money unlike the EU. EU is short 50 billion euros which is only a small part of losses and that is what the UK put to you budget WHICH you don’t get any more. It’s the EU countries
which are asking for more money. Which includes Italy and Rome.
@ybkseraph it’s fact the the EU will fall just like Rome did check your history
@Richard Phillips even trump voters are smarter than brexiters… And that’s something 🙂
@leme that maybe but brexiteers are on top UK doing fine EU in a hole .that’s why you are name calling.
# ONE WAY ROAD
next turn 100 years
MONEY LOVES TO SWIM DOWN STREAM
EU looks more down stream than UK
watch london hollow out
Only to be expected, and all to the EU’s benefit, well done!
clearance has not been granted because Bobo does not want it lol he wants an excuse to undercut Europe and become a Singapore lol but he will realise that the UK dont actually matter and the Empire is dead 🙂 bye bye London
*BBC: 1,000 EU finance firms ‘set to open UK offices*
22 February 2021
About 1,000 EU finance firms are eyeing up opening offices in the UK for the *first time* according to financial consultancy Bovill.
A Freedom of Information (FOI) request by the firm found that 1,500 money managers, payment firms and insurers have applied for permission to continue operating in the UK after Brexit.
Around *two-thirds* had no prior physical operations in Britain, it said.
It suggests London “is set to remain a key global financial centre”, it added.
“Many of these European firms will be opening offices for the first time, which is good news for UK professional advice firms across multiple industries including lawyers, accountants, consultants and recruiters.” said Mike Johnson, managing consultant at Bovill.
He added that business from the firms should provide a welcome boost to the service sector, too.
There have been worries over how the UK’s financial sector will be affected by Brexit. Last month, London was ousted by Amsterdam as the largest financial trading centre in Europe as Brexit-related changes to finance rules came into force.
Bovill’s analysis of the FOI request with the Financial Conduct Authority found that more than 400 insurance firms as well as more than *100 banks* plan to move to or boost their presence in the UK.
Geographically, the highest number of applications came from companies in Ireland, France and Germany.
Some 230 Irish firms were on the list, with 186 from France and 168 from Germany.
Firms from the three accounted for more than a third of the *1,476* applications for authorisation to do business in the UK.
🇬🇧
@Hans Bjorkman no one in the UK cares what anyone named Bjorkman thinks… no discussion sir – mind your own business and allow us to mind ours 😊
Reality will present itself in due course for all ignorants and naysayers to see and enjoy.
We’re far from worried – god knows why those with no stake in Britain are perturbed.
🇬🇧
This is report of intention to open offices to do business in the U.K. for the U.K.
not to bring in capital and liquidity there.
More telling are the actual trading curve in the news.
Brexitards denying trading curves and jumping on any news to celebrate the great dividend of Brexit – keep believing, EU will do the trading in the meantime
you do not know the meaning of Your post: no expantion, just conservation of the status quo.
New application of old operatore that before brexit didn’t need to apply to new uk’s status as third country…
you know nothing.
ignorance is better then a sad truth
what is scary about you guys above is that you all seem to think regulated financial entities are able to operate in the UK via letterboxes and without verified capital provisions… entities that require nominated regulated individuals, adherence to local consumer rights protection laws, segregated accounts for all customer monies, subscription to fiduciary capital custody provisions and more… who are you people and why are you here commenting? 😂
one guy thinks UK money managers accessing UK prime brokers won’t do so with UK liquidity hehe why are you here? 😂
another thinks UK insurance products providers will be taking customer funds or their claims fund out of the UK? Are any of you even working in finance? Anywhere?
you all think letterboxes can enter the London Stock Exchange or any other trading exchange?
there are 100 banks applying for UK FCA permission to serve UK customers – have any of you idiots even seen a Banking License before? Do you know what the requirements are to obtain direct or representative permission to operate banking services in the UK (or many other places) – letterbox bank 😂
If these EU entities can legally collect UK customer funds from the EU and into EU bank accounts why do they need UK entities at all if they are all only going to be letterboxes but already have full entities in the EU? Anyone worldwide can open a UK company for €50 within 1 hour and associated bank account within 24 hours and run it from anywhere in the world – the absolute best and most open/flexible corporate entity regime in the whole world 😂 Why are EU companies then seeking FCA permission to trade? and what are the obligations associated with these permissions? 😂
Do any of you know what Foreign Exchnage risk looks like when you are doing business in Pound Sterling and maintaining financial obligations in Pound Sterling but are in the habit of holding funds in Dollars or Euros? Do you understand the process of hedging out this risk and the capital commitment needed? 😂
Payment providers (processing, cards, escrow, prepaid, etc) are coming to the UK with no capital outlay and expecting to be approved by regulators? 😂
You think UK financial business insurance will be provided to letterbox companies controlled in the EU? 😂
We’re talking about regulated financial entities here not cold-calling scam sales outfits using local virtual telephone numbers to dupe consumers 😂
Sure – I’m a know nothing brexiteer and ignorant but for some reason I continue to be successful, be correct on important matters and business is up 77% in the year to March 2021…
If I know nothing – then I can’t wait to meet geniuses so they can show me how to be even more correct and even more successful…
As for you guys – i can only wish good luck – I can’t insult the needy and unfortunate 😂
there is nothing more I can say – your lives, how you think, what you know and the outcomes you produce for yourselves are none of my business – keep thinking and saying what you want online 😂
Keep losing 😂
Keep focusing on trying to disparage the UK and brexiteers while ignoring important things you should be focusing on in order to produce success in your own countries and lives 😂
Has Ireland got more trading too?
Dublin and Paris have also seen increases but not as much as Amsterdam
From this Western side of the Channel there is 0% trust in the UK’s government and its lying bus driver turned into a PM. Breaking signed agreements, breaking good friday agreement, sending warships to defend holy British waters, activating article 16, are all the options investigated by this PM, so 0% trust is just common sense
This only happened in one small area of finance. The remainder of the finance structure is more than successful.
It started with only one small area of finance. Then a second, a third, it never stopped. That my dear grandchild is how your grandfather and his fellow brexiters at the time made the UK finance industry disappear. Now go on, I have made your ratsteak “well done”
How do you eat a huge elephant ? One bite at a time, one bite at a time. And if there is something easy to move it is surely money
@ybkseraph eating a large elephant. Why would you . You have been gouging on UK Money for years.
AMSTERDAM JONGUH!
Bam!
UK PEOPLE TO BOYCOTT ALL EU GOODS AND HOLIDAYS
Promise? Spanish, French, Italian, Greek and Croatian beaches without the British tourists have become so tempting all of a sudden…
Uk simpleminds boycotting EU products while holidaying in the EU found starving in the streets of popular tourist hotspots.
Hello everyone. I’m back, as a one off! I note that there’s still only a tiny following here, but never mind. The thing that strikes me most is that, if you look at the pro brexit type channels on the Tube, two main things leap out at you. Firstly, they have many more followers than this one and, more importantly, they have a positive, upbeat take on the news as it comes out. Now, I’m no expert as a few of you have decided to point out to me with extreme prejudice, not knowing who I am or indeed anything else about me, but not to worry (fol de rol!). However, I can’t see anything positive in the continual gloom and fucking doom that this miserable type of channel promotes. Que sera, etc. Sit back and watch the UK prosper mightily. If I’m proved to be wrong I apologise unreservedly. Bye Bye.
You are already wrong, bye bye.
That’s because your pro-Brexit channels ignore reality and keep pushing the same lies and propaganda. If Britain is to flourish, ignoring the problems that Brexit has caused will only intensify and multiply the problems. They need to be understood and addressed.
Proves are already evident
prosper in being what you are the best. selfishness …. on the rock
It has now come to light the 1500 EU companies have applied for licences to trade in the UK. So this conversation is already dead in the water.
@Giulia Malvassora EU latest report Brussels swindle rest of EU. This was reported by EU countries check out rest u tune dummmy
@Richard Phillips It’s been more then 30 years that I hear that EU is broken … wake up and go forward, silly dude …
@Giulia Malvassora at least my quotes comes from the EU. And various countries with in the eu. They are not my quotes but from within the EU so who’s a silly person now grow up you are on the way out . More countries on polls want to leave the EU than ever before.
@Richard Phillips minority
USE will be founded on central Nations. Visegrad is out.
It’s very clear from the very beginning that Britain’s ejection from EU would halt it’s financial dominance. And there will be no returning to EU…bye, bye brits…
@Jan Six Ok, feel free to go on embarassing yourself. Or alternatively… you could have a go at presenting a grown-up argument to support your position?
@Stew Taylor There’s no need for arguments. Project Fear has become Project Reality. You can just observe Brexit with your own eyes. The destruction, desperation and division is all around you. And you’ll never be able to return to the good old times.
@Jan Six Grow up.
Racism is expensive
This is the best comment I have ever seen on You Tube. You are absolutely right.
Apart from when you’re needing vaccines
True, everything has a price
EU has stated that its intention is to develop the depth of its capital markets on the continent. Brexit is the opportunity to carry out this policy.
It is not against London, it is a natural policy for the block to have its finance in its currency dealt with in its territory- there is no arguments against it.
The City being the EU financial capital is like Havana being the American financial capital… Zero sense… The EU should make every effort for financial services and derivatives to come from the EU zone and although free to use other sources, businesses should pay larger fees for using outside resources be it UK or American, Japanese, Singapore , instead of European ones… Isn’t this obvious?
Sometime, in the not too distant future, you will hear people say “London who?”
Dear Michele, I think you know that your remark is supposed to be funny. London will still remain an important financial place and the UK with 63 million people an attractive market. But now it follows: London has already lost some financial enterprises, it’s on the Internet, and Brexit could not prevent that enterprises are leaving the UK (Honda, Ford, Michellin, Axxa, the Rover) – Brexit is not so attractive that companies are storming the island (Tesla and Ford in undemocratic, bureaucratic, corruptive member state Germany, e-cars for the European market.)
Back to the basis: Predicted was a gigantic economic boost, maybe second place in World economy after the U.S., PM Cash: “After Brexit the UK will become the land of milk and honey.”
Congratulations to our great neighbour The Netherlands, you are doing very well and your export numbers are better than the ones of the UK.
When Rutte was elected the Daily Mail showed a photo with the caption: DELUDED.
They had journalistically supported the far right, arguing again with immigrants (Farage’s method) – But the Dutch decided against poverty.
London who ? 😂
does this not appear more and more like vultures circling a dying animal – they sense the weakness and are trying to move in for the kill – just simple nature taking effect. If the situation was reversed no doubt the UK would be trying the same tactics
Having London as the trading hub of the EU was not a net gain for the Union, but a CONCESSION by Brussels for UK’s membership. The United Kingdom left, so the reason is gone. The mindset how “We provide by far the best financial services and the European Union cannot afford losing us!” is just so mindblowingly stupid to begin with. You know this guy is trying to make arguments out of thin air, when he is saying things like “democratisation of moneymaking”, trying to shoehorn political stances in financial matters.
What does that even mean, demicrstisstuonnof money making. I vote for me getting £1 million?
One forgets that the people who trad on the stock exchange very often trade in currency and not in manufacturing or producing goods. I’m so glad they are leaving us as they bring nothing to the table. And hopefully we will have the people here who want to creat industries giving work and well paid job lifting us out of the slave wage economy we’v becomes.
England is making another attempt to break international law over the GFA and I haven’t heard anything like this from the BBC they’re saying, all is fine and dandy. On a side note London trying to stop Scotland breaking away and joining the EU using sex scandals interesting.
Regulations would have prevented the 2008 financial crisis
I’m reading the comments…
These brexiters are such a joke….
The evil clown BoJo is leading the country! Get used to living in austerity generated by corruption.
This is only a temporary move. As months go on it changes from month to month. It is all about market share and a lot of tricks by the EU has already come to light.
PROJECT FEAR BECOMES PROJECT REALITY.
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