Current Affairs EU In or Out

In or Out

  • In

    Votes: 688 67.9%

  • Out

    Votes: 325 32.1%
  • Total voters
    1,013
Status
Not open for further replies.
Armel said:
Well yes probably everything will become more expensive (double circuits etc...), we are still talking only about derivates eh?, the Dutch banking authority even recognized that much if you read between the lines. But it will damage London more. Off course there are sectors that they can't touch; like marine insurances (well they can but that would require a whole lot of strangeness ...). But you can hardly blame a lot of the European cities of having a go.

The EU won't be applying sanctions in case of a hard Brexit (I take it they were talking about the new measures they want for supervision; they aren't in effect yet , who knows when it's not very clear); I think the main issue is then (Hard Brexit) with regard to the supervision; I thought so far they only needed to have an 'equivalent supervision system', not the case if the U.K. hard brexits. New York is recognized if I'm not mistaken (there's a mutual accord between the E.U. and the U.S. for financial derivates).

Especially for Euro's it's a matter of principle; the U.K. already once won a case before the ECJ because the Euro countries didn't want Euro's cleared on British soil. If it mattered that much when they were still part of the E.U.; do you think they are going to soften their stand now? Also I don't think the Donald will help you, especially since New York can be quite a winner in this (who knows even the biggest).

Well yes if they vote for 2020 everything stays the same, but afterwards it's game on again. But that could quite a long time tbh...
Click to expand...
the usa didnt like the new rules , it suited there aims to back Britain in this one not loyalty to us, they have already stated they will back the UK if the EU did what they said.
it will affect the EU more because they legally have to realize there stocks ,assets, bonds ect to finance there contracts or come up with the cash,90 days before the are brought to an end,which they have to because the london firms are no longer legally allowed to hold them after that date if the EU dont do a deal with us ,thats £40 trillion before march.
then if they can take out new ones after march they face knowing the biggest players in the game are off limits or waiting to impose a levy meaning less scope for good deals .
unless of cause they want to deal with it themselves its possible, i suppose but that begs the question if it was that easy why isnt everybody doing it?
The German banks are knee deep in these things at the moment and the jist of the article i was reading was it was very risky for them.
long term London would just change the rules to continue to stay top of the tree anyway , they have already hinted at it.
the uK companies, government,are of cause not affected by this as they will be still under the present contracts
the companies brokering these deals who will lose some interest in the short term or open branches/ new firms in the EU to deal specifically with that if it suits them.
 
Last edited:
lol She hasn't got long.

DuENgDQXQAYtPM1
 
Neiler said:
But think about it logically, what you are describing is a snap shot in time that will change. The EU and Uk are now in competition with each other. Obviously both are going to be compeitive and make themselves more attractive in a post Brexit era. Regulation, corporate tax, tariffs, interest rates, customs fees and try and beat the other. We could well see a race to the bottom.

Surely these companies are operating under EU controls in Britain now and are holding bonds in many EU countries as well as the UK it’s very intricate. I believe some countries have taken their gold reserves out of London already ahead of Brexit. The UK will of course could and probably has to go Wild West on controls and that could be appealing, but the EU offers a far greater ease and cheaper access to a bigger market.

It’s all speculation of course. One thing I have noticed this side of the pond is many big companies hedging their bets, buying up companies in Ireland and trading as an Irish company as opposed to and in addition to a UK company, Aviva have done it recently.
Click to expand...
true they will end up rivals if we leave , not that i think we will in the end really.
the EU has put laws in, as the market i was talking about actually does most of the trading in the euro in London in that field not European companies, basically if say the EU bought the rights to iron ore from say Kenya for five years they insure against fluctuations in the value of the Euro , backed by assets the EU holds against the deal, so kenya gets the value it thought it was getting if the euro drops over the period of the contract, it lowers the risk for the seller/buyer's, really and makes it easier to do these massive deals even when it comes to monetary tranfers it comes into play.
dont know why i am remotely interest really as i haven't much money in the grand scheme of things

Companies as you say will edge there bets anyway they feel they can make to more money , they will move back if it suits them, or more than likely off to Malta next or some other bolt hole.
 
edge said:
the usa didnt like the new rules , it suited there aims to back Britain in this one not loyalty to us, they have already stated they will back the UK if the EU did what they said.
it will affect the EU more because they legally have to realize there stocks ,assets, bonds ect to finance there contracts or come up with the cash,90 days before the are brought to an end,which they have to because the london firms are no longer legally allowed to hold them after that date if the EU dont do a deal with us ,thats £40 trillion before march.
then if they can take out new ones after march they face knowing the biggest players in the game are off limits or waiting to impose a levy meaning less scope for good deals .
unless of cause they want to deal with it themselves its possible, i suppose but that begs the question if it was that easy why isnt everybody doing it?
The German banks are knee deep in these things at the moment and the jist of the article i was reading was it was very risky for them.
long term London would just change the rules to continue to stay top of the tree anyway , they have already hinted at it.
the uK companies, government,are of cause not affected by this as they will be still under the present contracts
the companies brokering these deals who will lose some interest in the short term or open branches/ new firms in the EU to deal specifically with that if it suits them.
Click to expand...

Yes I understand why they don't like the new rules (some, not all are quite useful though, were/are a response to the last financial crisis), excuse me if I am wrong - I am very tired mate, but why would you want to negotiate to not have passporting (everybody in London wants it) et al. after Brexit - it's not very good leverage when it's one of the things that is very lucrative (commissions; and therefore taxes) for the U.K. economy (and one of the reasons why other countries want a piece of the financial services cake).

Clearing houses. I googled: the U.K. has already created some legislation with temporary permits for all those involved after a chaotic Brexit. And apparently the ESMA has said, on 23/11, that it would temporarily recognize U.K. clearing houses after a no deal Brexit (but they can take away this recognition at any time). Apparently it's a mid-term objective (or shorter according to some) to create a major market hub inside the EU. It's sort of working in Frankfurt apparently; they do 15 percent of European financial transactions (worth €10trn) and are increasing that percentage, concerning interest rate swaps . Yes this solution probably costs extra, and it would be all the more expensive if they had to do it suddenly (not in an orderly manner like there are now allowed to do)- but it's a big source of income (to tax). The reason why everybody isn't doing it is scale advantages etc... (good for finance; if more at one place and on and on); plus let's face it when the U.K. is still in the E.U there is no logical reason to go anywhere else since all the experts etc are there. Yes there are already loads of branches/new firms in the E.U from the companies in London. I also don't think it would be in your (personal) interests to make the U.K. into a tax heaven - that normally doesn't work too well for normal people. If you start doing things like that, you end up with measures like, no more Single Sky for the U.K., on and on ... .
 
Armel said:
Yes I understand why they don't like the new rules (some, not all are quite useful though, were/are a response to the last financial crisis), excuse me if I am wrong - I am very tired mate, but why would you want to negotiate to not have passporting (everybody in London wants it) et al. after Brexit - it's not very good leverage when it's one of the things that is very lucrative (commissions; and therefore taxes) for the U.K. economy (and one of the reasons why other countries want a piece of the financial services cake).

Clearing houses. I googled: the U.K. has already created some legislation with temporary permits for all those involved after a chaotic Brexit. And apparently the ESMA has said, on 23/11, that it would temporarily recognize U.K. clearing houses after a no deal Brexit (but they can take away this recognition at any time). Apparently it's a mid-term objective (or shorter according to some) to create a major market hub inside the EU. It's sort of working in Frankfurt apparently; they do 15 percent of European financial transactions (worth €10trn) and are increasing that percentage, concerning interest rate swaps . Yes this solution probably costs extra, and it would be all the more expensive if they had to do it suddenly (not in an orderly manner like there are now allowed to do)- but it's a big source of income (to tax). The reason why everybody isn't doing it is scale advantages etc... (good for finance; if more at one place and on and on); plus let's face it when the U.K. is still in the E.U there is no logical reason to go anywhere else since all the experts etc are there. Yes there are already loads of branches/new firms in the E.U from the companies in London. I also don't think it would be in your (personal) interests to make the U.K. into a tax heaven - that normally doesn't work too well for normal people. If you start doing things like that, you end up with measures like, no more Single Sky for the U.K., on and on ... .
Click to expand...
It's all part of a game mate that the likes of me and you have no part in, they will find a way to make money , they always do. Wars floods ,death they make money and they will out of Brexit mark my words , whatever else happens they will sort this out to thee advantage.
The Tories have a wet dream to turn us into a tax haven, the ordinary people will see nothing out of it as usual.
I don't think Brexit will happen to be honest anyway, not in anything but name anyway.
 
Seathestars said:
Happy for May, must be under so much pressure. I'm talking from a human point of view. Not nice seeing anyone stressed regardless of the reason or how much they're paid.
Click to expand...
She's not cut out for doing mega deals like this one with EU.

She should admit its too much for her and step aside so that we don't get our pants completely pulled down.
 
Status
Not open for further replies.

Welcome

Join the Everton conversation today.
Fewer ads, full access, completely free.

→ Log in 🔑 Register
🛒 Visit Shop

Support Grand Old Team by checking out our latest Everton gear!
Back
Top