Brexit: tension mounts on financial transfers from the City

Posted on Nov 29, 2020 at 2:56 PMUpdated Nov 29, 2020 10:45 PM

A minefield for traders expected in Paris, Frankfurt or Dublin when Brexit kicks off on January 1. “The management of Anglo-Saxon banks, especially American banks, have made many unfulfilled promises on transfers, annoys a manager of one of these establishments in France. The question is not even fundamentally the workforce, minors in the eyes of the thousands in London, but the designation of decision-makers with authority over the activities carried out on the European continent. Most of them have stayed in London and frankly it’s a bit short with the authorities ”.

This is a point targeted by the European Central Bank (ECB) in its latest warning. If the financial sector is broadly ready, it demands from the London-based banks an end to the personnel, asset and risk management arrangements for financial products sold in the European Union (EU). And the Covid-19 can no longer be an excuse. The euro zone supervisor has admittedly granted flexibility to take into account containment measures and travel restrictions, but ” no additional flexibility is foreseen in principle “.

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