{"id":149268,"date":"2021-01-07T20:20:00","date_gmt":"2021-01-07T17:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/britain-and-eu-headed-for-financial-services-showdown\/"},"modified":"2021-01-07T20:20:00","modified_gmt":"2021-01-07T17:20:00","slug":"britain-and-eu-headed-for-financial-services-showdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/britain-and-eu-headed-for-financial-services-showdown\/","title":{"rendered":"#\n  Britain and EU headed for financial services showdown"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6aeda1635b391\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6aeda1635b391\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/britain-and-eu-headed-for-financial-services-showdown\/#The_EU_seeks_to_repatriate_business_and_jobs_and_London_wants_to_keep_its_financial_might_without_having_to_abide_by_EU_regulations\" >The EU seeks to repatriate business and jobs, and London wants to keep its financial might without having to abide by EU regulations<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/britain-and-eu-headed-for-financial-services-showdown\/#Pierre_Briancon\" >Pierre Brian\u00e7on<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Britain and EU headed for financial services showdown<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_EU_seeks_to_repatriate_business_and_jobs_and_London_wants_to_keep_its_financial_might_without_having_to_abide_by_EU_regulations\"><\/span>\n  The EU seeks to repatriate business and jobs, and London wants to keep its financial might without having to abide by EU regulations<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000121514\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       A major chunk of trading in euro-dominated shares has been moving from London to European continental exchanges since the beginning of the week, after the U.K. left the European Union single market, and the two sides are now headed toward uncharted confrontation over the future of European finance. <\/p>\n<ul class=\"articleList\">\n<li>\n      Financial services weren\u2019t covered by the post-Brexit trade deal struck just before Christmas before the U.K. and the EU, and U.K.  Prime Minister Boris Johnson <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/politics\/2020\/12\/26\/exclusive-brexit-deal-delivers-fundamental-things-voted-saysboris\/\" class=\"icon none\">has admitted<\/a> that the deal \u201cperhaps [did] not go as far as [he] would like\u201d on the matter.<\/p>\n<\/li>\n<li>\n      U.K. financial services providers and banks lost on Jan. 1 the so-called passport that gave them the right to operate without restrictions throughout the EU, and now depend on unilateral decisions from European authorities to extend them an \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/eba.europa.eu\/regulation-and-policy\/passporting-and-supervision-branches\" class=\"icon none\">equivalence<\/a>\u201d decision based on regulatory convergence, sector by sector.<\/p>\n<\/li>\n<li>\n      Billions worth of share trading have moved this week from London to exchanges set up in Amsterdam and Paris, to the tune of about \u00a36 billion ($8 billion) a day.<\/p>\n<\/li>\n<li>\n      Bank of England Governor Andrew Bailey <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.parliamentlive.tv\/Event\/Index\/30ec6304-dc0f-4bd5-9a52-80c149b09761\" class=\"icon none\">told U.K. lawmakers<\/a> on Wednesday that he did not expect quick <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.instituteforgovernment.org.uk\/explainers\/future-relationship-financial-services\" class=\"icon none\">equivalence decisions<\/a> from the EU, but insisted the country should not become \u201ca rule taker\u201d by mimicking EU regulations just for the sake of obtaining an access to European markets.<\/p>\n<\/li>\n<li>\n      Professionals of the City of London quoted by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fnlondon.com\/articles\/city-faces-years-of-brexit-limbo-in-equivalence-snag-the-liquidity-has-already-shifted-20210106\" class=\"icon none\">Financial News<\/a> said they didn\u2019t expect an agreement on financial services to be struck before a few years, the time for EU authorities to assess how much of London\u2019s business will move to the continent.<\/p>\n<\/li>\n<\/ul>\n<p><strong>Read: <\/strong>Boris Johnson hails \u2018an amazing moment\u2019 as Brexit is finally complete <\/p>\n<div class=\"paywall\">\n       <strong> The outlook: <\/strong>The U.K. and the EU have pledged to negotiate a \u201cmemorandum of understanding\u201d by March to sort out the rules under which financial players could operate in each other\u2019s markets. The EU seeks to repatriate business and jobs, and London wants to keep its financial might without having to abide by EU regulations.<\/p>\n<p>But pledging to negotiate is not the same as pledging to strike a deal. The only hope is that the talks, most likely led by bureaucrats and civil servants, won\u2019t be as politically weighted as the long negotiations over the trade deal last year. That should in theory make some form of agreement easier, even though the two sides\u2019 respective interests remain at odds.<\/p>\n<p><strong>Read:<\/strong> Europe hopes next COVID stimulus will be the last <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Pierre Brian\u00e7on\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Pierre_Briancon\"><\/span>Pierre Brian\u00e7on<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D1DAAAE4407A%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Britain and EU headed for financial services showdown &#8221; The EU seeks to repatriate business and jobs, and London wants to keep its financial might without having to abide by EU regulations A major chunk of trading in euro-dominated shares has been moving from London to European continental exchanges since the beginning of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":149269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-149268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/149268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=149268"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/149268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/149269"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=149268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=149268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=149268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}