Saturday, June 25, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

EU weighs relocating London finance hubs

AFPbyAFP
June 13, 2017, 7:44 pm
in Economy & Trade
Reading Time: 2 mins read
A A
72
SHARES
Share on FacebookShare on TwitterShare on Email

BRUSSELS, Belgium”•The EU on Tuesday is to unveil new rules that could require a huge slice of London’s banking business to leave after Brexit in a blow to the city’s supremacy as a global financial hub.

If confirmed, the rules would be seen as a hostile move against Britain ahead of coming Brexit negotiations only days after Prime Minister Theresa May embarrassingly lost her majority in British elections.

The draft law to be unveiled by European Commission vice-president Valdis Dombrovskis could deny post-Brexit London the right to host financial market “clearing houses” that deal in euros, the EU’s single currency.

Clearing houses are a key part of the financial system’s plumbing, with trillions of euros being handled every year, mostly out of London.

The issue of whether euro clearing houses can remain in the British capital is set to be one of the most contentious issues when Britain negotiates its future trade relationship with the EU after its departure.

ADVERTISEMENT

Britain has jealously guarded dominance of the clearing house sector in Europe and won an EU court decision in 2015 against the European Central Bank in order to keep hosting the euro deals.

Amid the heated lobbying, the EU last month said it was exploring several options on the issue including the possibility that Britain maintain euro-clearing, while accepting strict Brussels oversight.

The London Stock Exchange has bitterly objected to relocation in a sign that any forced move out of the UK could be highly damaging to its business.

“It’s going to be complete chaos. This has not been properly thought through,” LSE chief executive Xavier Rolet told the Sunday Telegraph.

In a letter to Dombrovskis, the International Swaps and Derivatives Association said any move to an EU country would drive up costs for the financial sector.

A relocation could “heighten financial stability concerns,” the powerful lobby added, with traders and banks struggling to find new homes for their operations.

Last week the Futures Industry Association, a US and UK-linked lobby, warned that forced relocation to the EU would require a near doubling of the $83 billion finance companies set aside in case of contract defaults.

This figure however has been dismissed by Frankfurt-based Eurex Clearing, owned by Deutsche Boerse.

London lobbyists also argue in the event of an EU ordered exile from Britain, only Wall Street or Asia would benefit.

Forcing a move out of London, “would ultimately be detrimental” and “is in no one’s interest,” Miles Celic, chief executive of the TheCityUK, said last month.

Tags: BrexitBritainBritish electionsEUEuropean Unionfinance hubsPrime Minister Theresa May
ADVERTISEMENT
AFP

AFP

Related Posts

DTI reasserts duty in setting price caps

byOthel V. Campos
June 24, 2022, 9:10 pm
0
136
Exporters urged to tap plant-based meat mart

The Department of Trade and Industry upheld the validity of its function to monitor and set price ceiling on important...

Read more

Japan inflation stays at seven-year high in May

byAFP
June 24, 2022, 9:15 am
0
163
Japan inflation stays at seven-year high in May

Japan's core consumer prices jumped 2.1 percent again in May, the second consecutive monthly jump of a level not seen...

Read more

Budget deficit declined 26% in May on lower spending

byJulito G. Rada
June 23, 2022, 8:50 pm
0
153
Gov’t debt reached P11.97t in October

The government incurred a budget deficit of P146.8 billion in May, down 26.72 percent from P200.3 billion a year ago...

Read more

PH withdraws from EITI, cites ‘biased’ allegations

byJulito G. Rada
June 22, 2022, 8:30 pm
0
218
PH withdraws from EITI, cites ‘biased’ allegations

The Philippines said Wednesday it withdrew its membership from the Extractive Industries Transparency Initiative on the international organization’s alleged questionable...

Read more

DTI cites Salceda’s role in CREATE law

byManila Standard
June 22, 2022, 7:55 pm
0
181
DTI wants repeal of PSA provisions

Trade Secretary Ramon Lopez cited the legislative contributions of Albay Rep. Joey Sarte Salceda, chair of the House ways and...

Read more

Flour millers seek lower tariff on inputs

byOthel V. Campos
June 21, 2022, 6:20 pm
0
168
Flour millers defend DA against Brazil’s threat to file WTO case

Flour millers asked the government to reduce tariffs on imported ingredients for bread production to help stabilize the price of...

Read more

Stories you may like

  • Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    36716 shares
    Share 14686 Tweet 9179
  • Of course, it was BBM’s project

    30863 shares
    Share 12345 Tweet 7716
  • INC endorses BBM, Sara

    28803 shares
    Share 11521 Tweet 7201
  • Duterte’s seven biggest achievements

    21827 shares
    Share 8731 Tweet 5457
  • Marcos leads SWS survey on presidentiables at 50%

    13581 shares
    Share 5432 Tweet 3395

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • Peso fall snaps oil rollback
  • DOH: No weak surge yet despite 4-month high COVID new cases
  • Rody handling of WPS issue, oil talks hailed
  • Carlos vows HR to get protected under BBM government
  • Sandigan allows Marcoses chance to present evidence
  • End of an era: PSE floor trading no more
  • Extension of village chiefs’ term from 3 to 5 years eyed

Advertisement

Latest News

Sandigan allows Marcoses chance to present evidence

byMaricel Cruz
June 25, 2022, 1:10 am
0
239
Imelda on son’s victory: ‘I have two presidents’

The Sandiganbayan has given President-elect Ferdinand Marcos Jr. and his family another chance to present evidence in connection with a...

Read more

End of an era: PSE floor trading no more

byJenniffer B. Austria
June 25, 2022, 1:00 am
0
264
End of an era: PSE floor trading no more

The Philippine Stock Exchange, one of Asia’s oldest bourses, on Friday permanently closed down its trading floor in Bonifacio Global...

Read more

Extension of village chiefs’ term from 3 to 5 years eyed

byRey E. Requejo
June 25, 2022, 12:50 am
0
181
Vax wastage, infection surge feared in Odette-hit areas

The incoming Marcos administration is considering legislation that would extend the term of barangay officials from three years to five...

Read more

Cusi drops libel cases vs. news orgs

byManila Standard
June 25, 2022, 12:40 am
0
164
His b-day wishes made 2 Presidents

Outgoing Energy Secretary Alfonso Cusi on Friday withdrew his libel and cyber-libel complaints against seven news organizations over their stories...

Read more

Comelec dockets 17 verified cases of vote-buying

byManila Standard
June 25, 2022, 12:30 am
0
156
Comelec junks nuisance case vs. Marcos Jr.

Seventeen complaints that involve alleged vote-buying and selling are set to undergo preliminary investigations, according to the Commission on Elections...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App