Emlynsqueakyvoice
Player Valuation: £6m
If it was up to the public we would revert to hanging and flogging. I know people on this site who would vote for it!
Current Affairs EU In or Out
- Thread starter micknick
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Here’s a times article that’s far from definitive but it certainly seems it’s a possibility being discussed, although even in this less than half the experts think it’s likely .
The government could face multibillion-pound legal claims from foreign investors if their profits suffer because of Brexit, investment lawyers have told The Times.
International arbitration specialists have been advising overseas companies that if they lose access to the EU single market, they could sue the UK for damages under its bilateral investment treaties with their home countries.
Holger Hestermeyer, an international dispute resolution academic at King’s College London and former staff member at the European Court of Justice, said: “The EU’s so-called divorce bill has sparked much excitement.
“It is insignificant, however, compared to the damages the UK might have to pay to investors if they successfully take the UK to court for damages they suffered because of Brexit.”
Britain has 95 bilateral investment treaties, including with Hong Kong, the United Arab Emirates and Russia, under which companies could bring their cases before arbitration tribunals.
The treaties protect investors from each state in the territory of the other, guaranteeing “fair and equitable treatment”. Some case law suggests that a massive change of regulatory regime counts as a denial of fair treatment. If the UK lost access to the EU single market as a result of Brexit, some lawyers argue, this would frustrate foreign companies’ legitimate expectation of unencumbered trade into the EU.
More than 40 per cent of experts in investment law at a seminar entitled “Can foreign investors sue the UK for Brexit?” agreed that they could.
Suzanne Spears, a partner at the specialist law firm Volterra Fietta which was involved in organising the event, said: “Any investor who invested in the UK probably assumed we’d stay in the EU. If you came to the UK for access to the EU single market and beyond it via the EU’s free-trade agreements with other countries, that market was huge.
No, I'm saying that preserving the single market is what they're more arsed about.
hirons11
Player Valuation: £10m
Main point to come out of that article is that the legal profession are ****ing parasites (scarpers off back to some football related topic)
peteblue
Welcome back Wayne
It’s telling us that there are some stupid people holding senior roles.......
peteblue
Welcome back Wayne
Why ?. Will it all fall apart if a sensible deal is done ? Is it that fragile ?......
tsubaki
Player Valuation: £90m
Considering the opposition the Opposition faces, they are doing very well.
peteblue
Welcome back Wayne
We must take opposing views on this........
..Cameron has so much to answer for.
CFTC escalates dispute over Brussels’ attempt to impose oversight of clearing houses
Christopher Giancarlo, head of the CTFC, has called for a reduction of regulation © FT montage; Bloomberg
One of the US’s top regulators has threatened to stop European banks from using US futures markets if the EU refuses to water down post-Brexit plans to oversee clearing houses.Christopher Giancarlo, head of the Commodity Futures Trading Commission, said on Wednesday that EU plans — ostensibly in response to the UK’s move to leave the EU — were “completely irresponsible” and could be met with a stern reaction from Washington.“These are blunt and strong tools,” Mr Giancarlo said, acknowledging that it could have a serious impact on global markets. “None of these options represent a course of action that I wish to pursue.” Mr Giancarlo’s fierce warning comes as UK authorities try to remove tensions with the EU around the issue of clearing as the UK’s departure from the bloc nears.If a resolution could not be found, he warned the CFTC could unilaterally take its own action — including barring EU banks from using critical US infrastructure such as the Chicago Mercantile Exchange. The CME is widely used by banks around the world to hedge their exposures to dollar swaps and US Treasuries. It could also bar US institutions from EU entities such as Deutsche Börse’s Eurex, which trades futures pegged to the prices of German government bonds.The industry at the heart of global market stability has become a political battleground between authorities. Clearing houses are important backstops in financial markets, managing the risk if either side on a derivative transaction — a company or a bank — defaults.The City of London is the leading global player in the trading and clearing of derivatives, including 90 per cent of euro-denominated swaps. To compensate for the UK’s departure from the EU, Brussels wants to equip their regulators with more direct oversight of London clearers.The European Commission’s package of reforms relating to clearing houses are slowly working their way through the Brussels legislative pipeline, with member states divided over the implications of centralising oversight. The US and UK have a common cause in resisting European plans for extensive oversight, with both sides supporting “deference” to local regulators, with close co-operation.While no breakthrough is imminent in the negotiations, the US has increased pressure due to progress being made that has potential implications for non-EU clearing houses. The latest warnings from Washington fit a pattern of turbulent US-EU talks over the regulation of clearing houses. While both sides have threatened potentially dire consequences for markets, the disputes have typically been resolved amicably. Mr Giancarlo has long argued for the EU to rethink its plans, arguing they could also be applied to US markets. In his strongest warning so far he said the plans were “wholly unacceptable”.US market participants would be in the “completely untenable position of having to choose between violating domestic laws and regulations or violating foreign laws and regulations”, he told a derivatives conference in Chicago.
from the FT
Christopher Giancarlo, head of the CTFC, has called for a reduction of regulation © FT montage; Bloomberg
One of the US’s top regulators has threatened to stop European banks from using US futures markets if the EU refuses to water down post-Brexit plans to oversee clearing houses.Christopher Giancarlo, head of the Commodity Futures Trading Commission, said on Wednesday that EU plans — ostensibly in response to the UK’s move to leave the EU — were “completely irresponsible” and could be met with a stern reaction from Washington.“These are blunt and strong tools,” Mr Giancarlo said, acknowledging that it could have a serious impact on global markets. “None of these options represent a course of action that I wish to pursue.” Mr Giancarlo’s fierce warning comes as UK authorities try to remove tensions with the EU around the issue of clearing as the UK’s departure from the bloc nears.If a resolution could not be found, he warned the CFTC could unilaterally take its own action — including barring EU banks from using critical US infrastructure such as the Chicago Mercantile Exchange. The CME is widely used by banks around the world to hedge their exposures to dollar swaps and US Treasuries. It could also bar US institutions from EU entities such as Deutsche Börse’s Eurex, which trades futures pegged to the prices of German government bonds.The industry at the heart of global market stability has become a political battleground between authorities. Clearing houses are important backstops in financial markets, managing the risk if either side on a derivative transaction — a company or a bank — defaults.The City of London is the leading global player in the trading and clearing of derivatives, including 90 per cent of euro-denominated swaps. To compensate for the UK’s departure from the EU, Brussels wants to equip their regulators with more direct oversight of London clearers.The European Commission’s package of reforms relating to clearing houses are slowly working their way through the Brussels legislative pipeline, with member states divided over the implications of centralising oversight. The US and UK have a common cause in resisting European plans for extensive oversight, with both sides supporting “deference” to local regulators, with close co-operation.While no breakthrough is imminent in the negotiations, the US has increased pressure due to progress being made that has potential implications for non-EU clearing houses. The latest warnings from Washington fit a pattern of turbulent US-EU talks over the regulation of clearing houses. While both sides have threatened potentially dire consequences for markets, the disputes have typically been resolved amicably. Mr Giancarlo has long argued for the EU to rethink its plans, arguing they could also be applied to US markets. In his strongest warning so far he said the plans were “wholly unacceptable”.US market participants would be in the “completely untenable position of having to choose between violating domestic laws and regulations or violating foreign laws and regulations”, he told a derivatives conference in Chicago.
from the FT
Billy Dean
Player Valuation: £70m
I'd just like to say, a couple of weeks ago I was granted German citizenship, so this here rat has jumped off the sinking ship that is Brexit Britain. I hope you 52%ers enjoy the sheetshow you've signed up for.
To be fair to him, and I accept it was a mistake to put so much into such a simple mechanism, the views that resulted in this outcome among the population clearly existed. That's kinda the elephant in the room, just as with Trump. There are a whole bunch of people with, erm, interesting perspectives on life.
...looking like the French and Germans are going to take a very hard line if the outcome is ‘no deal’, it appears there will be significant problems and pain in the short-term.
Aye, it's generally rubbish, but rather than viewing things in a way that 'we' started this by voting to leave, I suspect many leave voters will regard that as Europe never like us anyway and we're right to leave those horrible people and team up with those who have historically (been forced to) like us.
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