• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Britain and EU strike financial services cooperation pact

4 years ago
in Banking & Finance, highlights, Home, home-news, latest News
2 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Britain and the European Union agreed a new post-Brexit financial services pact on Friday that will allow them to co-operate on regulation but does little to improve the City of London’s access to the bloc.

Britain’s finance ministry said the two sides have agreed terms on a “Memorandum of Understanding” that will set the conditions for how regulators from the EU and Britain share information.

However, Brussels has said the MoU will not automatically lead to Britain’s large financial industry being able to sell a wide range of products and services to EU clients again.

Industry experts said while the framework was useful, it was unlikely to rekindle anything like the kind of access banks and brokers had to the EU before Britain left the bloc.

Brexit has already put a dent in Britain’s financial industry and a City of London official has described the framework as a “talking shop”.

“This is unlikely to offer solid foundations for bulk cross border business,” said Simon Morris, a financial services partner at law firm CMS.

In January, more than 6 billion euros in daily share trading left London for Amsterdam, along with swathes of trading in derivatives.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

In a further potential blow to Britain’s financial services might, Brussels is now considering forcing the clearing of euro swaps, still dominated by the London Stock Exchange’s LCH arm in London, to move to the bloc.

Friday’s MoU agreement is similar to what the EU already has with the United States for arranging regular, informal and non-binding meetings of financial regulators to discuss new rules and air any disagreements.

So far, the EU has declined to grant any long-term direct access for financial firms from Britain, saying this week that it was in no rush.

“Overall, for investors in UK financial services, a greater degree of cooperation between Europe and the UK can only be seen in a favourable light,” said Alan Custis, head of UK equities at Lazard Asset Management.

“But it still feels as though the UK needs to continue to plough its own furrow in case there is a change of heart.”

Jonathan Hill, a former EU financial services commissioner, said this week that Britain should not sit around for access, known as equivalence, but focus on making the City more attractive to international investors.

“Achieving a form of equivalence with the EU is essential but it should not detract us from the real challenge: making London and other financial capitals in Europe more competitive relative to the fast growing US and Asian markets,” said Daniel Pinto, chief executive of Stanhope Capital.

Tags: BrexitBritain and the European UnionLondon Stock Exchangetrading in derivatives
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

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

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.