So you could essentially run your European operations out of London. base into the EU - they didn’t require additional regulatory clearances in the member state they wanted to sell into. was a EU member state, financial institutions in the city could “passport” from their U.K. Without Passporting, the City Needs Equivalence Rights to the EU London is losing business, but it’s losing it to a number of European cities, and because of that fragmentation effect within Europe, that means that, although London is smaller, it’s likely to still dominate. Asset managers are setting up offices in the EU, for example, to be able to access the EU market.īut it looks increasingly likely that they are not all going to go to the same European financial center. With Brexit, some market activity has clearly moved from London to Europe, such as share trading, and these moves will continue. HALL: Going back to World War II, London has dominated Europe’s financial centers and has vied for the global top spot with New York. Today, she discusses the city’s role within Europe, and tomorrow, the City’s potential for growth outside the EU. In a two-part series, she examines the future of London as a financial center. Sarah Hall is a senior fellow at UK in a Changing Europe and a professor of economic geography at the University of Nottingham. But despite the symbolism of this, most traders, brokers and asset managers have remained in London. Since Brexit, London’s average share trading activity has fallen by half, with Amsterdam overtaking London as the largest share trading center in Europe. are due to sign a Memorandum of Understanding on financial services and the future role of the City of London within Europe’s financial sector.
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