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AtW
22nd May 2017, 15:54
Brexit: Stripping London of £800bn clearing business could cost investors £80bn, says London Stock Exchange

Two prominent City of London figures have warned EU leaders about the dangers of stripping London of the lucrative euro clearing trade after Brexit.

A proposed move could cost investors €100bn (£83bn) over five years, Xavier Rolet, chief executive of the London Stock Exchange, said on Monday. Seperately, Michael Spencer, founder of broker Icap described the proposal as, "a real nasty piece of economic nationalism and protectionism".

Clearing is a process whereby trades go through an organisation known as a clearing house which holds collateral centrally and ensures transactions go ahead in the event of a default. It is designed to prevent a domino effect where the default of one counterparty causes a string of losses for others

More Tory Brexit DOOM™ from the newspaper owned by a son of former (now multi-millionaire) top KGB official in London: Brexit: Stripping London of £800bn clearing business could cost investors £80bn, says London Stock Exchange | The Independent (http://www.independent.co.uk/news/business/news/brexit-latest-news-london-strip-800-billion-cost-investors-london-stock-exchange-boss-xavier-rolet-a7748991.html)

scooterscot
22nd May 2017, 16:24
It makes no sense whatsoever for €/Euros to be cleared through a non EU country.

jamesbrown
22nd May 2017, 16:32
It makes no sense whatsoever for €/Euros to be cleared through a non EU country.

:rollin:

Deary me, scooty. Understanding something before commenting upon it is an excellent principle. Can you spell "systemic risk"?

BTW, those other Euro clearing centres say hi. As do those various clearing centres for other, non-Euro, currencies :D

AtW
22nd May 2017, 16:38
Can you spell "systemic risk"?

Systemic risk is to let it stay in London where any time Labour Govt can come in and introduce tax on transactions...

It will move, just a question when - certainly within next 10 years, most likely sooner because there is a lot of money to be gained by EU from the move.

Brexit means Brexit...

Troll
22nd May 2017, 16:58
Systemic risk is to let it stay in London where any time Labour Govt can come in and introduce tax on transactions...
Thought that was a European initiative that the UK was against (https://en.wikipedia.org/wiki/European_Union_financial_transaction_tax)

AtW
22nd May 2017, 17:23
Thought that was a European initiative that the UK was against (https://en.wikipedia.org/wiki/European_Union_financial_transaction_tax)

Labour is for it.