Politics

‘Choose freedom!’ Frexit chief hails Brexit London victory over EU’s financial trading

Brexit: Haulage boss discusses difficulties with EU rules

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With £7.6bn of shares traded on average every day in June, London has once again become the leading financial centre in Europe, a few months after losing the top place to Amsterdam. Amsterdam, which had taken first place from the British capital since January, is just behind with £7.5bn traded, far ahead of Paris (£5bn) and Frankfurt (£4.2bn).

From the first day of listing in January after the effective entry into force of Brexit, some 6 billion euros in euro-denominated transactions had been repatriated to European markets.

The news excited Frexit campaigner Florian Philippot, who urged French citizens not to be afraid of following Britain’s suit outside the EU.

He said: “London number 1 in Europe for stock exchanges: Eurogagas had lied again!

“No apocalypse on the horizon!

“Don’t listen to them anymore, they spend their life lying.

“Choose freedom for France: Frexit! Quickly!”

London is recovering its crown mainly through the exchange of shares of Swiss companies, which have been authorised again in the United Kingdom for a few months, according to the Bloomberg agency.

They had been suspended in all places in Europe for many months due to a dispute between Switzerland and the EU.

But Brexit allowed the United Kingdom to settle this dispute unilaterally, with the reintroduction of Swiss shares in London.

For the British capital, this is good news as it faces stiffer competition from the EU since the effective exit from the single market on January 1.

If the United Kingdom has obtained a trade agreement with Brussels, it has not been for financial services, despite the announcement of minimum cooperation on regulation.

Chancellor Rishi Sunak set out his vision for financial services on Thursday, saying Brexit was a unique opportunity to tailor rules while maintaining high regulatory standards and open markets.

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He set out how he wants to “sharpen” the sector’s competitive advantage.

Last year the finance ministry rolled out reviews to listings rules, fintech and insurance capital rules, and on Thursday it announced there would be further public consultations on financial reforms.

Rules on prospectuses, which give investors information about companies that want to list, will be reviewed so that “more companies can and do list on UK markets”, Mr Sunak said.

A review of capital markets will focus first on “immediate changes” to remove the “most ineffective and distortionary regulatory requirements” that the UK inherited from the EU, such as the share trading obligation and double volume cap.

These refer to rules that require banks to trade on a particular platform, and curbs on how much share trading can take place off an exchange in the “dark”.

The ministry will also set out how it wants to see insurance capital rules amended following its consultation.

There will be a public consultation on safeguards on access to cash after the pandemic accelerated a trend towards cashless payments and bank branch closures.

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