By Alun John HONG KONG (Reuters) - The European Union's markets watchdog should reconsider its ban on trading thousands of shares outside the bloc if there is a no-deal Brexit, a senior French government official said on Wednesday. The European Securities and Markets Authority (ESMA) stunned exchanges last month when it said that if Britain leaves the EU without a deal, 6,200 mostly EU-listed shares, but also 14 UK stocks, could only be traded on platforms inside the bloc. London is Europe's biggest share trading centre, used by fund managers from across the continent who would be forced to accept less attractive prices if cut off from Britain. "The good thing is that ESMA has taken a decision, sometimes you see that in other places it is difficult to have a decision," said Sebastien Raspiller, head of the financial sector department at France's finance ministry. "The bad news is that the decision was not good, so I hope that ESMA would be able to reconsider its position," Raspiller … [Read more...] about French official calls on EU watchdog to rethink Brexit stocks trading ban
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UK warns of limits to Brexit compromises
BIRMINGHAM, United Kingdom — Britain’s Brexit secretary will warn the European Union on Monday that his government’s willingness to compromise in divorce talks is "not without limits". In a speech to his Conservative party conference in Birmingham, central England, Dominic Raab will repeat London’s threat to walk away if it cannot get a deal it wants. "My approach to Brexit is pragmatic, not dogmatic," he will say, according to extracts released by the party. "But our willingness to compromise is not without limits. We are leaving the European Union in fact, not just in name." EU leaders have rejected Prime Minister Theresa May’s plan for close post-Brexit trade ties, and demanded she rework the ideas before a summit next month. Both sides are still hoping to reach a deal later this year, ahead of Brexit in March. Raab said the British plan "manages the risks of Brexit" and "grasps the opportunities", while keeping open the border with Ireland. "If … [Read more...] about UK warns of limits to Brexit compromises
UK banks’ share of global equity capital and loans markets slip to record lows
UK banking’s global market share in equity capital market (ECM) trading and loan fees have hit their lowest and second-lowest values on record respectively, amid continued Brexit fallout and global uncertainty. The UK’s lenders fell to a 4.8 per cent share of ECM fees, and 8.7 per cent of loan fees – the latter nearly halved from a decade ago – according to data from Thomson Reuters. Barclays, HSBC, Standard Chartered, RBS and Lloyds were the top five UK fee earners, accounting collectively for 80 per cent of Britain’s overall fee income. The UK also saw its share of the global investment banking pool drop to 7.8 per cent for the year to date, placing it at the second-lowest level on record. Read more: Debt burden means more turbulence ahead for global markets, BIS warns Despite the market share drops, the total fees earned by UK banks hit their third-highest level since the financial crash. Leon Saunders Calvert, global head of capital markets at Thomson … [Read more...] about UK banks’ share of global equity capital and loans markets slip to record lows
Does the UK really face an economic deep freeze under Corbyn?
The Winter of Discontent, the phrase that summed up economic hardship for a generation, is on people’s lips again following the Labour Party’s annual conference this week. The term, from Shakespeare’s Richard III play, became the shorthand for describing the dire conditions during harsh winter months at the end of 1978 and the beginning of 1979. Mass pay disputes, contested by trade unions and James Callaghan, Labour prime minister at the time, led to what is believed to be the largest industrial action since the 1926 general strike. Rubbish piled high in the streets and the dead went unburied. It created a lasting image of a country on the edge. At this year’s Labour conference, a speech calling... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about Does the UK really face an economic deep freeze under Corbyn?
UK’s Johnson brands Theresa May’s Brexit plan ‘deranged’
Updated 5:12 am PDT, Sunday, September 30, 2018 FILE - In this Saturday, Sept. 8, 2018 file photo, Britain's former Foreign Secretary Boris Johnson reacts to seeing photographers taking his picture as he sits in a spectator seat whilst attending the fifth cricket test match of a five match series between England and India at the Oval cricket ground in London. Boris Johnson says Prime Minister Theresa May's blueprint for Brexit will lead to "political and economic disaster," and refuses to rule out trying to replace her. less FILE - In this Saturday, Sept. 8, 2018 file photo, Britain's former Foreign Secretary Boris Johnson reacts to seeing photographers taking his picture as he sits in a spectator seat whilst attending the fifth ... more Photo: Matt Dunham, AP FILE- In this Wednesday, June 13, 2018 file photo, Britain's Foreign Minister Boris Johnson leaves 10 Downing Street in London. Britain's governing … [Read more...] about UK’s Johnson brands Theresa May’s Brexit plan ‘deranged’