Rival European financial centres are seeking to steal its crown
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rivals, Brexit looks like a once-in-a-lifetime opportunity to grab business. A repatriated French banker says so many people have moved to central Paris that she often bumps into London friends. In the run-up to the extended deadline of October 31st, another wave of staff and their families will head off to new digs, offices and schools.business. The London Stock Exchange has moved trading in European government bonds worth £2.4bn daily to Milan, for example.
Including asset managers, insurers and so on as well as banks, Britain provides a quarter of all financial services in the. Scores of financial firms run their Europe, Middle East and Africa operations from London. American investment banks have as much as 90% of their European staff in London. In 2016, before the referendum, the City of London’s trajectory was better than that of New York as gravity shifted eastward to Asia, says William Wright of New Financial.
“How do you manage a financial crisis if the bulk of your financial services are provided by a third country?” adds Robert Ophèle, chairman of the Autorité des marchés financiers, France’s stockmarket regulator. Suppose the, Britain could not easily refuse.Britain will no longer be able to block the forced relocation of financial activities to the euro zone.
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