The European Union agreed on February 8, 2022 to prolong until June 30, 2025 the permission for Britain's clearing houses (LCH, ICE and LME) to continue serving customers in the bloc, with officials saying it would be the final extension. I'd say that yes, the City _will_ lose its Euro clearing business.
Gives a wishful thinking non-expert like myself that EU accomodating UK for it's own reasons, one of which may be creating a smoother path to a closer union which by 2025 will still be feasible and after which gap between divergent standards and practices will be too cumbersome to surmount.
With Britain outside of the EU why would anything Euro stay in Britain. It reminds me of David Davis who suggested the EU agencies situated in Britain (banking and medicines) could well remain in Britain. That created some odd smiles in the EU.
The same reason why it was there even though the UK was never a part of the Euro? Or why the EU allows New York to handle Euro denominated clearing? The size of the market and its international legal framework allowed it to carry the risk. In an open economy things go where the skills and critical mass of industries are, obviously the EU is an artificial construct with socialist ideals so they try and spread things around in a sort of sharing the pie ideology, but the trouble is that then the sum is never greater than its individual parts. Legislating the phyiscal location for a business is basically goes against free trade.
@@hurri7720 Financial Services aren't about only about banks. London hasn't become less attractive to financial services, the fundamentals of its attractivness hasnt changed one bit, the English legal system, open market, lack of petty regulation (The EU directive on Euro derivative trading is a perfect example of the sort of petty legisation that markets hate) and a critical mass of the industry with the required employment skillset. The only problem appears to be your ignorance on the subject leading to simplistic soundbites.
In-shoring Euro clearing is the first step. What are the odds the next step will be pressure on the City to clamp down on dark money? Remember how the EU blacklisted UK territories right before Brexit date? I am sure that was a shot across the bow of Pirate Singapore on the Thames. If it doesn't change course and continues to "slash EU red-tape", the City stands to be blacklisted as well...
I do not understand the reason why the British continue to think about Brexit, they have what they have been looking for. No one in their right mind can think that if they leave a club and stop paying the fee, they will continue to have the advantages of belonging to the club. Today nobody in the EU wants the UK back, now it is easier to make decisions, we no longer have the enemy at home. I feel sorry for the Brits who didn't want Brexit and also for those who were cheated..
Euro boy, the microscope isn't telling the rightful news, all u need is to type up doom and gloom for any region in the world and something relevant will pop up on youtube, your username is ranting anti-British vitriol on quora, i recognise u
Who'd have guessed that money gravitates towards money? If huge chunks continue to be taken out of the City of London, how long before it becomes a backwater and no longer a hub?
There is no doubt the City will lose its Euro clearing business, as having the Euro clearing in the City is a MAJOR strategic liability for the EU zone. The risk is just too large to keep things as they are: a financial hiccup in the UK can now disrupt the whole Euro zone. This is even apart from any financial gains this will bring to the EU zone in extra taxes etc: those are immaterial compared to the strategic need to have Euro transaction clearing under control of the ECB and the European Council.
How is it a "strategic liability" the risk is only in how the transactions are managed, ie if that was no cover for loss of payment. It makes it more of a liablity to move a clearing house to a smaller market or one with a legal system that does not have global renown. If the EU put up laws to regulate physical locations of clearing that would be basically reversing the process of free trade. I guess you didnt ask yourself why New York is allowed to act as a clearing house for Euro denominated trade?
@@suburbia2050 Euro economies are undergirded by the Euro and under the supervision of the ECB & ECJ, giving the ECB the power and the ability to correct things if things go sour, on a far, far greater level than the UK would ever be able to. Hell, the UK government could now cause the Euro economies to come to a grinding halt if it started manipulating those clearings. It probably wont, but it could. That is not acceptable for the EU.
This is great to hear for the Irish Financial Service Sector, which has already grown by 25% since 2016. Dublin will not have to be the new European banking sector, all Dublin needs is to increase its market share in Asset Management and increase income tax as these are high skilled high paid jobs..
Dublin is too small, it wouldnt be able to handle the risk, its more likely to go to New York which if you hadn't noticed is not in the EU but the EU allows them to handle Euro denominated trade.
@@suburbia2050 Ireland isn't looking for the banking sector or the stock market (despite increasing in the Value of the ISEQ in the last few years), Dublin is looking at expanding the Asset Management sector like JRM's Sommerset Management Agency, which is a labour-force heavy with high salaries sectors. Already, Ireland holds the Lion's Share of the Global Airplane Leasing sector & Fin-Tech Sector. The IDA is focusing on expanding in related sectors, particularly as Ireland use Common Law similiar to the USA, Canada, Austrialia, New Zealand and the Uk, while also being part of the Eurozone.
@@suburbia2050 "it wouldnt be able to handle the risk" Nonsense! The risk is shared by all EURO countries if you're talking about EURO clearing, that is.
Temporary market access for UK clearing houses, known as equivalence, was due to expire in June 2022. When it became clear that EU banks wouldn't be absolutely certain to take over this job until this date, they prolonged it for 3 years, but that is the last grace period for London. The business will not go in one big step but slowly dry out! For the second point - the link between Euro clearing and the Dollar business - i guess the USA government (no matter who delivers the President) would only be too happy to reduce the position of London to boost New York as the biggest banking place in the world, So US banks could be more eager to move their clearing business to EUrope than even EU based ones.
Wrong again. The UK has agreed an enviable, scalable, Digital Economy Agreement with Singapore. We will extend that to the EU. The EU _relies, depends_ upon the UK financial sector, to keep running. And when we accede to CPTPP, we will be providing financial services in APAC, and in IPAC. Anti brexiters always predict utter doom. It's all they *ever do.* When it doesn't happen they morph their silly narrative. You've failed.
@@NLJeffEU We "brexitards" keep beating the tar out of remoaners. We've left the EU, Oh mighty remoaner. And we're not going to "rejoin", (there's no such thing), the stinking, rotten EU. And you? Six solid years of abject failure have taught you, *nothing.*
@@NLJeffEU Golden mountains or not it is a fact that London is a global financial services capital long before the EEC or EU. The EEC was only ever about hard traditional industry and the EU was only about the construct of a Super nation with a centralised currency and bank. Whether Sunderland will benefit from London continuing with what it has always done is a different matter though.
It doesn't matter if this business goes away, sooner or later, by that time the detestable tories will have emptied the coffers for themselves and will watch the fallout from their poolsides.
Sadly so it seems is the case. All of us housed in these towers of rabbit hutches perched on previously public owned land and whose only access now is via undeviating main thouroughfares wirh security guarded gates to each enclosed estate - available to constant surveillance, each of us as visible as a vanishing point on a renaissance painting. What a comforting perspective for the pool-siders!
Everybody knows what a fish is, has eaten fish, and on an island country an emotional closeness to fishing and fishermen is somehow logical. Hardly anybody can really explain what Euro clearing is or what the sums involved really mean. If you have ever bought a car you have some feeling what ten thousand GBP means, even a million is within the imagination of most people. A billion is already out of the thinking range of most. A trillion certainly is - hundreds of trillions - i guess even bankers see this just as a number.
Maybe it was because the English are as thick as two short planks? Maybe its because the English never learn from history, because they don't teach it at schools anymore? Nobody in the EU understood why the UK were all so obsessed with the fish either. Sending gun boats to the Channel Islands to frighten the French was amusing though. The French won if I remember correctly. Thought you would have learnt your lesson during the Cod Wars when the Icelanders kicked your butt. No chance, eh?
M.S,M, always thought this type of stuff is way over the working man/womans understanding. Totally disgraceful behaviour from M.S.M. pre and post Brexit.
The video has the wrong title - Bishop himself even stated unequivocally that the Euro desk's movement to the EU is not an if but a very definite "when". In fact 2025 is itself misleading if you actually listen to the plan set out by Mairéad McGuinness. By November 2024 the move will be complete and the next few months is simply a grace period for more tardy CCPs to effect the move with minimal risk to their own solvency. Bishop also conflates time-tabled regulatory adjustment (that which is definitely going to happen) with projected further development (that which is known to be around the corner once this happens) and ultimate ambition as expressed by McGuinness (that which the whole operation is designed to achieve in a best-case scenario in the years to come). Presenting all of these as "aspiration" on McGuinness's part simply means that Bishop has failed to really appreciate the inevitability - and indeed the concrete timescale - of the mechanical adjustment preceding the growth of Euro clearing in a purely EU-administered system. The rest of the speculation above concerns what the impact of this will be on the UK exchange, and indeed on derivatives trading per se, which is all very valid a subject if you're British. However what comes across to me most of all in this is the all too typical British inability to understand the concept of hard reality or to distinguish such reality from either speculation, wishful thinking or "grey areas" in which a country that never takes other's rules seriously has always arrogantly assumed it alone has license to operate. It is a mindset that drove the Brexit folly, but in truth it is manifest in almost all British thinking when the UK deigns to consider the real world outside its border, as prevalent amongst "remainers" as "Brexiters", as this video amply demonstrates. I am reminded of the answer a Dutch commissioner once gave when asked what the EU had learnt from the Brexit debacle. "The EU I hope has learnt much," he replied. "But ask me what I have learnt? That arrogance and complete stupidity are indistinguishable from each other in terms of effect."
Brexit was always stupid for the people and brilliant for the mega rich, but consider what the coming world dystopia will bring about to basket case Britain! Do please be prepared because the Megathreats are now IRREVERSIBLE. For evidence and factual proof, read Nouriel Roubini's new book, "Megathreats" for the 10 catastrophic elements that we are about to suffer. Dr. Doom is really Dr. Reality!
All very lovely and condescending but ultimately it is just the EU putting a barrier up to free trade, for example New York also does more Euro denominated clearing than any EU country. So you are trying to defend one petty decision while poking fun at another?
@@suburbia2050 Moving the Euro desk to the Eurozone just makes sense - especially after a Brexit in which its architects boasted of creating a "Singapore on the Thames". Not moving Euro derivatives to an area of competent regulation would have been simply stupid. But then that's a quality I hardly need to advise you about, I reckon. Thanks for the "lovely" remark by the way. Jolly decent of you, given your own obvious impediments in that regard.
@@SonOfViking Funny that New York is allowed to act as a clearing for Euro denominated trade then? You really think that Brussels even bothers to pretend that they can dictate financial regulation to the US? You have to laugh. What exactly is this fragile regulation that could disappear and make clearing a trade in a particular currency so risky in London, despite promises to the contrary, when it has been a clearing house with a solid legal framework for every major currency since before the EEC and EU? This is obviously pure spite from the EU, trying to conjure up an excuse to introduce protectionism to try and force trade clearing through less efficient and more risky European clearing houses, a complete antithesis to free and open trade of what they want to be a "global" currency. But yeah keep defending the decision, if you are a protectionist at heart then fine but if you appreciate the benefits of free and open trade then you are merely a hypocrite.
Afraid there"s the rub" as one called Shakes peare would call such an unfortunate condition of what some seem to see as very essence of being British. Endearing and tolerated as a private vanity maybe, but as public policy, dangerously delusional .
UK Lost 32 billion from exports, that is your black hole, as thousands of companies have lost everything, as we are not in the SINGLE MARKET like N. Ireland, Norway, and Switzerland, we will have to for business .
EU banking cannot happen in a government that actively advocates for the breakup of the EU. This says nothing of the fact that the UKs own minister for corruption resigned due to in action on corruption.
Its not about EU Banking, its about aiding trade performed in Euros, so you are basically ignorant about the subject. New York acts as a clearing house for Euro denominated trade.
If you remove London from the disUnited Kingdom's economy, the only other profitable entity is Scotland. London's profitability is shrinking. It will be a great deal less by 2025. As the disUnited Kingdom continues on the disastrous brexit course, it becomes imperative that Scotland free herself from English imposed neoliberalism. Our referendum will be held next October or at the next GE. After we are safely ensconced within the EU we shall watch England's choices with interest. If Starmer becomes PM I suspect the closest of politically acceptable alignments with the single market and customs union. It is merely a matter of phraseology. Whatever Starmer's political beliefs, he can separate facts from verbiage. You, FT, may have to wait a very long time for membership of the EU. But every scrap of closer alignment will help economically.
@Matty Kelly Doesn´t matter who sits in the White House UK will always be "Murica´s" lapdog to call on when they want some cannonfodder to export their version of "democracy".
In 2016, when trump won, I sated my lifelong hunger for politics by focusing on Brexit. I was dumbstruck that Brexit passed, and I was hooked; How was the UK going to deal with this decision? Your discussions are detailed and insightful, revealing the depth of the hole your country has dug-and continues to dig-for itself. Thanks for taking the time to post.
The problem with the English is,they have an over rated opinion of themselves.They always think they are superior to 'Jonny Foreigner' maybe there's a correction coming!!!
Yes, exceptionalism, the curse of empires. Great empires can only fall from within, and exceptionalism ensures that. You see it with people from the US too. The only cure is a national humiliation.
@@conalcorbally3001 Phukc I wish I wasn't English right now! Of course it's the ordinary people who are having to suffer it while the rich blame them for it.
Steryotypes, steryotypes...without them what would you do, eh? I'm English and guess what? I've NEVER thought of another nationality as 'Johnny Foreigner' - perhaps you're simply expressing your own inner feelings?
@@jackaubrey8614 If you google search "Jonny Foreigner", Jack, you'll get far more info on a rock band from Birmingham of that name than you will on what the origin of the term is. But I don't see that it's stereotyping as such, rather it's just a slang reference to those who aren't British. It's a way of referencing or labeling on mass all those who are not one thing or something into one group with no further description. Actual stereotyping, on the other hand, as I understand it, is a bit more complex because it involves an actual or implied description, be that true or faulse. However, kudos to you if you see yourself outside of Pauline's stereotyping of the English, although personally by generalisation I agree with her totally.
The main problem is that those responsible in leading positions have not managed the Brexit process professionally. All the failures have caused a situation in which the UK has no other option but to rejoin the EU to help its population find a sure ground to build a better future.
The UK can apply to rejoin, but it’s is not their decision I’m afraid. The EU decides on all applications from 3rd parties to join in whatever capacity, and currently I’m assuming there is no willingness from the people nor is there much political will to allow the UK to rejoin. My thoughts would be to try again in a couple generations.
"Brexit has not been done professionally" is identical to what purists said about Communism "it just hasn't been done right, yet". In all cases, brexit is never going to deliver. GB residents can carrying on dreaming of rebuilding the empire, industrial miracles and sunlit uplands but the reality is that GB has joined the prestigious club of low grade satellites (Albania, Belarus, Macedonia; Serbia, Bosnia, Montenegro...). GB does even not "have the option to rejoin the EU": it is not for GB to decide. It is for the EU27 to consider and given the awful xenophobia shown by many Brits, this will not happen for a few decades.
@@Andrew-vx2ls more than likely the EU would welcome Scotland joining. If only to destroy what is left of England. There is is this link with Scotland, their debt in Pound, and that might be a crowbar.
That is a big chunk of the economy moving away! If we're not in the financial industry, but we are in the UK, is there anything we can/should be doing to mitigate the effects of this change to the economy?
I always hear 2 words in relation to this: crypto derivatives trading and fintech. These two are going to save UK. If you have to rely on crypto derivative trading you must be very desperate.
You could consider getting on your knees and begging to be taken back into the largest trading block on the planet because you had a brain fart moment ...?
If you think that the value of handling a global trade is somehow directly ingested into the UK economy then you obviously dont quite understand what is going on.
Even if the U.K., gurgled and bubbled down into the sewage infested waters around its coast there would still be mindless diehards who would be shouting, BREXIT IS GREAT, as they disappeared beneath the murky waves.
The waters around Scotland r not full of sewage because our water is nationalised so we treat our sewage and also we have pride in our country and want our citizens to be healthy unlike the little english voted for Tory party. When will the little english get rid of the huge chip on their shoulders and come down from their arrogant, ignorant, elitist towers and join the real world. They have been corrupt and unliked by everyone for ever and they r the ones who constantly make agreements and then move the goalposts. As they have done with Scotland for 300 yrs! Hate them all!
What you don't realise is that not everyone in England voted for brexit especially in Liverpool. We are not all dickheads unlike the stupid tories. I realise that a lot of Scottish people hate the English, my daughter went to Edinburgh University and whilst visiting could feel the resentment but it's sad that you hate like that. Learn to understand the English instead of going off one one with a biased and ignorant rant, that makes you no different to the sad brexiteers.
@@marnfulda1758 Well, it was the English who gave the Tories their massive landslide victory whilst under the leadership of Johnson the Liar. It was the Tories who sold off most of the Nation's Utilities and public services. This was akin to a once wealthy household selling off the family silver to generate revenue. That's a great idea until you run out of silver. Now we're left not only penniless but with an enormous debt of over one £ trillion which we're having difficulty paying the interest never mind the capital sum and we're out of Europe as a full member to boot. These are the problems, well some of them, and so far there has been no individual or any party capable of producing a winning ''battle plan'' that will set the nation back onto the road to recovery. The upshot is, it was the English who dragged the U.K., out of Europe on their politician's narrative based on lies and deceit. Then we must look at the eye-watering corruption within the S.N.P. and the crumbling political structure in Northern Ireland. The Unions would have us believe that the best way to extract ourselves from economic Armageddon is to ''GO ON STRIKE''. In 1939 the nation bonded together and faced the onslaught from Nazi Germany on a united and coordinated front. Now, we go on strike demanding inflation busting pay rises which in turn will further feed inflation and create the endless circle of more wage demands and strikes. The N.H.S., is on the brink of total collapse while we're being swamped by fit young illegal immigrants whom we cannot afford and who are denying sick and dying young children along with the vulnerable who have paid their just and lawful taxes all their lives the medical attention they need. My assessment is that Jesus Christ Superstar couldn't save H.M.S. U.K., from sinking into the murky waters of self inflicted disaster.
I have visited Scotland many times to such resorts as Troon, Girvan, Ayr, Drumfries, Glencaple on the river Nith which you will know is the biggest bird sanctuary in the U.K., as well as Glasgow. I am particularly fond of Edinburgh where I lost my heart to a young teacher student. During my visits there I mused around the various museums and noted the numerous inventions and discoveries which I had hitherto attributed to the English were in fact made by Scotsmen. Television, ether and the telephone to mention but a few were all Scottish achievements. What a diabolical shame that the S.N.P., let your country down.
Possibly not so surprising in the light of so called hard Brexit, but especially concerning to the economy as a whole which relies on financial services. It seems yet again politicians have no understanding of reality and the consequences of their illusory policies. If Euro and dollar clearing move,as is clearly this prospect, quo vadis Britannia?
@@suburbia2050 All EU related financial services will eventually go to the EU. "what has the dollar got to do with that?" Why have two office buildings? Sometimes is handy to have all activities in one place.
My heart goes out to all those who are no longer able to pop open £40000 vintage wine at lunch. Our very society rests on the shoulders of these financial alchemists who can conjure money out of thin air. God help us all.
@@TesterAnimal1 A system rigged so that Financial Services is the King of all national industries, with other national industries being Pawns ready to be sacrificed in the interests of London. Banking didn't reform after 2008, so it deserved to be destroyed. You lose nothing if you already have nothing to lose. Believe me, it is London and the Home Counties who are quaking in the boots, not necessarily the rest of the UK.
It was always going to be the death of the City of London Financial services. That's why Germany (Frankfurt) was so keen to drive the terms of the Brexit agreement where they related to Financial services.
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LOL Brexit was entirely the work of knuckle dragging flag suckers in england.
UK has no deal concerning services, nevermind financial services, only with goods. BREXIT was never meant to be orderly prepared and executed to begin with. It was a bet on the assumption that the EU would fall apart after BREXIT, and the UK would pick-up the pieces afterwards. That's why the BREXIT negotiation team was utterly unprepared and just negotiated a bone-bares trade deal for goods, only. Every action of the British government since is damage control.
@@susannehartl3067 I think you are making shit up. True there were many anti-EU movements in a few countries at the time all feeding off each other in a sort of marketing manner. But the money that funded the Brexit campaign in the UK was purely those who see greater benefits outside of Europe, namely those who are either US-centric, or those who see the gobal economic shift towards Asia and saw the beaurocracy of the EU as a long term hinderance. Remember, they can still be right there.
Lol there is more to the City of Londons financial services then Euro denominated clearing. The ignorance in this comment section is hilarious, and people poke fun at the delulsions of those less well off who voted for Brexit.
@@suburbia2050 You think I am making shit up? Quite contrary. I have observed the negotiation efforts from the get-go in British and international press and have connected the dots. Nick Tyron wrote in his online essay “The four assumptions behind Brexit”, the Tory’s (or ERG’s I should say) BREXIT campaign based its strategy on the hypothesis that BREXIT “1. (It) would cause the EU to collapse. 2. We’d then get all the benefits of the SM without having to follow the rules. 3. We’d get a great trade deal with the US. 4. There would be a painless solution to the NI problem. None of these happened.” And there was no plan B, which explains among other things the utter unpreparedness of the British BREXIT negotiation team, and - despite the constant threatening of a No-Deal crash-out - lack of arrangements of the UK’s administration and agencies for such an outcome, never mind the bone-bares deal it has eventually gained. Further prove that the outcome of BREXIT has the UK government caught on the wrong foot is the fact that after five years into BREXIT it has launched an advisory board to seek out opportunities for businesses and promoted Michael Gove to head a task force to solve the supply chain crisis, he himself was involved in its very creation. BREXIT minister, Jacob Rees-Mogg even had the gall to ask readers of the Daily Mail (of all people!) to come up with suggestions of BREXIT opportunities, which actually would have been his job. The ERG-Tories told the Norther Irish nationalists, the fishermen, farmers and all the other business leaders that nothing will change - a promise impossible to uphold,, because the BREXIT deal the UK has dreamt of was impossible to accomplish without damaging the single market and customs union’s very foundation. It was made clear from the get-go that the EU will not roast an extra sausage (a literal translation of a German phrase), not even for the United Kingdom. The motive behind the rush to get BREXIT behind the finish line was clear: GET BREXIT DONE meant get it out of the press and out of public mind. That didn’t work out either because not only does the Anti-BREXIT fraction still insists that BREXIT was a bloody bad idea - and were proven right -, but the negative effects of BREXIT are hardly to ignore anymore. Same with COVID: Just wishing it to go away does not make it so. Given the aforementioned assumptions and the persons in charge’s tendency to dismiss experts advise, it is no wonder that the British government has bungled it. The defence of BREXIT went from “Free UK from the shackles of the EU to thrive again” to “We’ll manage it without the EU just fine” to “It’s not about economics at all”. Announcing a UK Space Agency during the hight of the supply chain crisis reeks of desperation, similar to Trump’s announcement to launch the new agency “Space Force” - which actually was an already existing branch of the military including a new (actually refurbished) uniform - as his popularity was tanking during the Covid crisis. Sure, there have been other people with different agenda's, too. What these US-centric, or those who see the gobal economic shift towards Asia had to find out was the fact, that neither was the UK keen to negotiate a trade deal (about 30% of US trade is with Canada & Mexico, China accounts for another 13%, as for the UK, it is 2.5%), nor weren't other countries in Asia exactly waiting for the UK. And guess what, other countries are already there, even EU member states, who surprise, surprise had managed to do business in these countries while in the EU. Life is a capricious scholar. It takes the exam first and provides the lessons afterwards.
when the Euro was adopted and UK opted out many in the Euro zone took UK to ECJ(Europe court of Justice) and France was leading the charge But UK won because the court stated that that UK is A member state they are Qualified to carry Euro clearences period but UK is no longer A member state and that is why Euro clearences are become A top priorty for member states and ECB(European central Bank) and start working toward Removel as everthing else of the hard Brexit UK chose incliuding 100 Billion Euro Investment to upgrade and expand the ports of of Iralnd so UK land Bridge will not be an Issue for Ireland Imports and Exports as all the same was invested in all of the other EU ports and the EU commision Assembled Financial Groupes and lawyers who are specialized EU Cevil servents to work with the company and Banks to map out the Road map by consultations not only that but also international Stock markets like Wall street(USA) Japon south Korea Taiwan Austrial New Zealand and others in Asia And new Emerging markets specially the New formed Africa Free trading Block so the EU is working carfefully to make sure everthing tied up so all the Rules and Regulations of the EU has been fellowed with no Room for legal battles and all that is nuences from people who wants to cut corners and those who use shell companies to launder their dirty monies as the EU has always had problem with london as it become more and more money laundery copital of the World and tax Heavy in the UK over sease Islands so now the EU has the legal Right to Remove their Euro clearences from England(London) because the ECJ will side with the EU because UK is longer A member state period because that the only one that saved them after the Adoption of EURO and that time ECJ sided with the UK because UK was A member state Ironic is not that ECJ Gave UK the victory to keep the EURO clearences in London but now lost because they are longer member of the Club oh lol all EU member states already okied to the commision to work hard and make certain to meet the deadline on JULY 2025 it was slow because of COVID and up grading and expanding all EU ports and Customes spaces and hire more custome agents and Removal of UK Imports and Exports to the third country colum and will not be throughly Inpected like all of the EU imports and exports now all that from or to UK are just checked the invoices to send on their way no scanning or checking any thing hiden it,s now UK ports job to do that and it,s not the EU Responsibilties any more.love light and peace to all our HumanRace and the Health of our Morther Earth and SLAVE UKRAINE) Glory and victory to UKRAINE and peace loving people.
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No one is going to read that unbroken stream of tripe.
We can also credit Steve Bannon and the US right wingers for Brexit. They wanted to try out world isolationism on Britain before hitting the US with the same and watch the extent of Brexit's impact on Britain.
Imagine having a massive EU lever to incentivize Great Britain to stop playing games if they want 'any' participation in the global trading markets. Boris Johnson's name will be mud in the history books and may not be able to walk the streets of London safely when it his the fan. A modern Oscar Wilde.
EU don't want to pay the losses of the UK derivative clearing house. The UK will have to pay the bill that UK firm benefits along 20 years since they have the right to deal on euro from London without inside the euro zone. UK financials services wins 15 billion by year from 1998 as 2016... So bye bye exemptions UK is out the eu club now and for a long time...in my opinion derivatives should not be allowed and otc trading too. Derivatives looked money markets very faster in crisis time.
"...UK pension funds just about bankrupted in a few days from margin calls..." one question "Why the fuck are pension funds allowed to use margin with people's pensions???", I can see allowing the purchase of puts & calls to mitigate risk, but, anything more is gambling with other peoples money & a few people should be in jail...
Indeed, that's why you need MORE regulations regarding financial services, not less. Then consider that brexitards want to deregulate as much as possible.
Because BrexitUK has always been a casino gambling economy toying with the life and destiny of its subject.Its a country that I will never move back to again.i have escaped the matrix forever Lol 😆😂🤣👏👏👏
Whenever the inner workings of the London financial sector are discussed all I hear is Pyramid Scheme Alert! No wonder there's a major financial crisis every 10 years.
But you have billions with Charles. And that wonderful famely. Your own Disneyland. That is very strong. And the Harkels. In california.. .wit lillibett. No rhere is still a lot to work with dear cousins
Couldn't care less about bonds banks and boffins. The pensions are paid for and withheld from individuals until the age of receipt. Billions get squandered by politics, blame the government and rake them dry.
"The pensions are paid for and withheld from individuals until the age of receipt." Ah yes, you think your pension payments are stored safely in a vault, until you can withdraw the funds? LOL. Keep dreaming.
Handling derivatives doesnt directly mean you have that value as an investment into the company let alone the government (lol at your ignorant logic there), you arent selling a product you act as an enabler of that trade. You miss out on that specific job, skills market and real estate demand (minimal in a city the size of London) that it creates however. It appears that there is just as much ignorance on both sides of the arguement.
The thing not mentioned here is the desire of the British government to deregulate the city to gain competitiveness.That’s the opposite of what the EU wants and based ont the situation now( 22 of march 2023) with a new banking crisis looming the EU is likely to accelerate the timetable. Personally I never believed the reason given to postpone the movement of euro clearing. ( the EU not being able to handle it) The most likely reason is to prevent the total collapse of the city as a financial centre ( the worlds number 1 or 2) That reason is likely to prevail again in 2025 with the British economy deteriorating further the moving of Euro clearing becomes either mote urgent ( getting the money out before it collapses) or will need to be slowed down again to prevent a complete default of Britain. My guess would be second option.Euro Clearing will be moved but not in 2025 at least not entirely. The EU can not afford the total collapse of the city just yet. Especially not with the worlds economy on a downward trajectory.
Yes the move by the EU to try and bring Euro derivative trading inhouse is the sign of a broken economy, because it is not an economical driven decision.
@@suburbia2050 Yes it is because under EU law euro derivatives have to be done in the EU. The uk left the EU And your lies are fooling no one. We can see your media. You economy nearly imploded two weeks ago and now the uk is in recession
@@suburbia2050 Ultimately politics trumps economics every time. There is more than one reason why the EU would take back control of its financial services industry. The EU is a protectionist bloc. It is also a highly political animal. Brexit Britain must now look elsewhere to trade its financial services. This is clear evidence of Brexit sovereignty.
I'd say that it's not just that, it's effectively dragging the UK backwards. Economically to the late 1960s, but where the union is concerned to the early 13th century...
@@peacheswilliams4539 So all countries that have control over the border of their nation state are "racist" and "stupid" are they? Thats an awful lot of countries!
Interesting and important. It is a bit over my head though. Possibe to do another to explain more about how this all fits in with our lives? Particularly where to the risks and revenues come from?
Most of that was over my head but the figures in the chart add weight to my unchanged opinion that the City is far too powerful a component of the Establishment not to have had the influence to work successfully for the reversal of a highly marginal Leave vote had it wanted. Furthermore, if it had worked out what brexit would mean for it and just waved it through, more fool it. Moreover, if it hadn't worked out what brexit would mean for it - er, that doesn't inspire confidence, does it? .
One problem is the City is not (and has not been for nearly a generation) in any sense a British centre: its leading operators are American, European, Asian etc. The old tight bonds between the national interest, the Conservative-leaning Establishment and the financial markets has evaporated in the heat of globalisation. Strategic thinking on this subject, let alone strategic policy-making (or damage limitation and evasion) no longer exists in our politics.
@@johnstevens1022 : These strike me as very good points. From which I guess it might follow that whatever group of interests was in the City's driving seat, so to speak, it had not worked out very clearly what brexit would mean - or didn't particularly care.
Err? Business doesn't get a vote. "Fuck Business" was a Brexiteer war cry. You did a good job of fucking business generally, now you are going fuck the City too.
@@rorykeegan1895 That Brexit is a disaster for the City is indeed the point of this piece. It can only be corrected in my view by a complete reversal of Brexit including (as would now be the case) joining the euro.
@@johnstevens1022 "It can only be corrected in my view by a complete reversal of Brexit including (as would now be the case) joining the euro." And that will take aprox. 20 years if all goes well!
@@johnstevens1022 Please forgive me, I meant no criticism. At last, there seems to be some sort of willingness amongst the commentariat (Especially FT and Economist) to face up to certain uncomfortable truths. Shame about most of the press and the political parties (except for the ‘wee lassie’ north of the Border).
@@charlesbruggmann7909 FT and Economist have to face up to certain uncomfortable truths. Their whole raison détre is to face up to economic realities and publish them.
I want to point out one thing. As long as there is a regulatory alignment the cpp can be in the EU and still be serviced from the UK. That provision has been explicitly negotiated into the trade agreement. It is however true that long term the trading goes where the settlement is.
"Brexit Britain" desperately wants to deregulate. They like to call it a bonfire of EU rules. That regulatory alignment might be gone sooner rather than later.
@@janickpauwels3792 I don't think anybody wants a deregulated UK market. Banks need to be bailed out again and again when their bets turn against them. What makes the UK so attractive is that its regulators are toothless, HMRC only monitor taxes after remittance, the SFO has no staff, OPBAS does not do prevention or oversight and the FCA is in daily contact with investment banks and the revolving door is spinning non-stop. The Bank of England will just bail anybody out. Another reason why Corporations are in the UK is because the global established diplomatic apparatus is extremely valuable, especially for firms involved in raw materials mining and currency markets. Regulation is required to give this diplomacy the scepter of superiority, and the illusion that people adhere to rules, while in reality they steal from everybody and do not contribute fairly to society.
Any particular reason why our beloved Tory Government isn't spreading this vital news to all those it could be affected by? Or do they think it's only relevant to big business and the finance industry?
One thing that is missing from this video is that soon UK Pound will not be a reserve currency anymore. There is no incentive for the USA and EU to keep that extra cost. If you do not believe me, then ask the Chinese 😀
The banking system pays vast quantities of tax. Let’s chase them out so that they pay it all in Europe. No, I’m serious. I managed to get out of the sinking UK and sell all my assets just in time. Bring the banks here! 😊
Would you like to see a united Europe? I mean one where we all share the same interests? Don't claim the EU is the answer to that question, it's the polar opposite Geoffrey and the UK said no thanks because they did not want to be ruled over by France and Germany
The truth is that the UK was right to leave the EU. It has a greater level of democratic control over its own laws and borders. It also saves billions each year in EU membership fees.
As Monty Riviera says, it's good to see that the Federal Trust is finally engaging with the majority of us who voted Brexit in 2016. In large parts of the country, where wages, standards of living and good job prospects have been on the slide and decline for decades-we were in the EU then, remember that- we're all worried about the City of London and the fate of its multi-millionaire fund managers. I now I have sleepless nights over their plight. And to think that some people had the nerve to accuse the EU of being an elitist project!! As Catherine Tate would doubtless say, how very dare they!!
@@stephenconway2468 The entire economy depend on the city of London, Maggie thatcher made that possible when she decimated manufacturing and turned the UK into a bank..
@@kevonslims7269 Agreed. The Square Mile is now critical. One thing on top of that, the Big Bang gave everyone a lot of money but it was very unequal and it increased our exposure as a nation. Now it is the norm that the richer get many times more than the poor. It is not the case in most of the EU. I believe that the protest vote in 2016 was based on inequality which is a local issue.
Funny how one political decision (Brexit) is bad and stupid, while another (forced localisation of Euro Denominated clearing) is good and clever when in fact is it merely swapping open free trade for short term political punishment, most of the Euro Denominated Trading didnt go to Europe it went to New York because the risks and margins are lower than other EU Stock Exchanges and clearing houses. So is the EU going to ban New York from doing that trade as well and make trading in the Euro less efficient, more risky and costly?
It was a pretty biased piece, they did not talk about the EU allowing NY to perform Euro derivative trading and yet are not members of the EU and arguably the US is far more historically antagnoistic than the UK towards Europe, after all the EU was basically created as a back stop to US hegemony. It is also did not mention that forcing markets to do Euro derivative trading geographically is basically a protectionist and anti-competitive move, it basically introduces inefficiences for that type of trading in the Euro.
@@norflandanforevahI think it is perfectly legitimate to support Brext and "bleat" about hypocritical pratises from the EU, I mean every European does that to the US right?
@@suburbia2050 Once the EU has taken back control of its money ,it can adopt any policy it chooses in managing its resources. It is all about taking back control. Farming out its financial industry could be used in trade negotiations with USA, Japan or even Beijing. The world is just a click away nowadays. The deal between the EU and Brexit is done. Let us not forget that Britain did not want a financial services deal with the EU over alignment. I suppose this is further proof we are now an independent sovereign coastal state so we were told.
Water follows gravity, not always the path of least resistance and what has money got to do with that phrase, making shit up at least use something with logic behind it.
@@jackaubrey8614 it's only over-inflated if it's not true, ImBrexile. And until now, it's been proved true. How does it feel to have sunk the country, traitor?
'Market forces' and the economics of the West, the whole model reaches out into the remotest corners of every country and individual. The concept of social justice is not enshrined in any legislation. The grip is forever tightening on the capacity to actually live a life that's worth living. Surviving is the only option if you are not to implode into despair. Morality in the market place: investors, shareholders, banks, mortgages, pensions, salaries (skewed in enormous quantities in favour of those already rich, for example a banker chief executive compared to a nurse or doctor in the NHS) corporations operating in the stratosphere of billions, stock exchanges, value of particular currencies: all this is discussed inside the bubble of capitalism that has run riot. People are now no longer part of communities, they are consumers, they are digits on a computer to be brainwashed into thinking this way of acting and living is somehow 'normal' when it is outrageously dangerous, stupid and narcissistic. Politicians, and when you look at Westminster PM Question Time, it might as well be Spitting Image so unrelated it is to actually living in Britain, and the EU although far more intelligent is also in this bubble that people are in the way of economics. How often have you heard "We have an ageing population and how are we going to pay for that", Housing for all in Ireland announced and Slainte Care (supposed to mean equality of treatment to all citizens in our country means the opposite) while housing is a disaster given over to private developers and vulture funds to solve the housing disaster. My main point is people are now, whole populations that are not well off or super rich and disgusting are in the way of economics and a nuisance to the exchequer, banks, investors, shareholders, vulture funds corporations and rapist of the planets environment. When do these people have enough!
Sounds dictatorial to me: a small majority (and not even that, in fact a minority) voted for something very stupid and then demands from *everyone* to support it? That is "democracy the brexiteer way". Good luck with that, but so far no good has come from it. Laughing stock.
Well, now 61% of people in the UK see that Brexit was a mistake. It is a sign of maturity and a healthy mind to recognize that you have made a mistake and must work to reverse that mistake. One might say that one is beholden to reality. Reality will win no matter what you believe.
Mights and possibles. I bet your all actually glad there's been a pandemic a war and the baby boomer retirement situation. You predicted all the bankers would leave three years ago.
It’s not really a compelling argument to move the “dollar desk”, which is the team that trades usd interest rates, from London to somewhere in Europe just because the euro desk moved. The sterling desk is still in London, the emerging market desk is in London, the Scandi desk is in London, the FX desk is in London, the research team is in London, risk management is in London, compliance is in London, regional senior management is in London, etc. Of course it’s possible but it’s unlikely.
Why on Earth would moving desks around, make any difference in a world of Internet coms ? And in such a world, why would the City of London be a, "hub", for dollar dealing ?
As a working-class man, I've seen opportunities in the unskilled and semi-skilled sectors blossom. There is no longer a race-to-the-bottom in terms of pay and conditions, driven by wholly exploited external labour. Also, Brexit is slowly forcing out the very kind of people I would like to see gone. Bankers, Hedge-Fund Managers, and other parasites who work in the 'services' sector, produce NOTHING tangible but instead concentrate on giving themselves an initial healthy cut earned from the labours of others. So, not all bad. I would much rather live in a less affluent but more equitable country. What is bad for London may well be good for the rest of the country in the longer-term. The benefits of unintended consequences.
@@mattcameron9349 I'm sure you don't, there's no hope for people like you. Brexit has had exactly opposite effect that you claim, there are more hedge fund managers, speculators and other low life in this Country than ever. A recent poll showed a significant majority of the electorate now trust Brussels more than they trust Westminster, I'm sure you'll be pleased to hear that.
You do realise that all the benefits that you think that you are seeing. You could have gotten all of them without Brexit? You don't need to have a less affluent country to be more equitable. These aren't opposite parametres that work against each other. Everything that you think that Brexit created. That could have been made through laws. The EU doesn't block any of this. The only reason why it had gotten as bad as it had is because these laws aren't in place. You are fed up with something that's not the EU. Right now you see the unskilled and semi-skilled sectors blossom. That's because of a deficit in the workforce. This deficit appears to be good for the workforce. That is correct up until a point. When workers become too expensive. People like me get contacted. I'm an an engineer that specialises in automation. Together with the mechanical engineers. We automate productions. That means that we remove jobs in those exact sectors that you see a temporary growth in. This will happen. It happened in my own country and it will happen in yours. The only difference is that my country knows this and educates as many people as possible. You need a skill to have a chance of a good life. I'm not saying this to be mean but automation is inevitable. What you see as something positive is going to be a massive hurdle in a decade. Once automation takes hold. There is no turning back. The vast majority of factory, warehouse and transport jobs will get automated. That's jobs that are never coming back. All you needed was proper worker protection laws... Not Brexit. The problem is still there.
I personally didnt support the type of Brexit that was put on the table during the referendum, denying access to a single market which is what the video is moaning about. But neither do I agree with the model of the EU which is linking a basic trade zone to a dogmatic vision of a United States of Europe, which doesnt exist culturally or historically, coupling free-markets with a Socialist twist ends up transfering the wealth created by well run countries to those with higher levels of corruption and waste. That directly impacts the tax payer and is morally dubious, akin to the Catholic church which ran Europe in the 1400 and 1500s that sop being that it ties up some well intended social contracts but which in reality should just instead be decided by the individual nation state, which is a better level of democracy for the person on the street. Nothing is perfect but there are actually bigger questions for the EU project than Euro derivatives. Macron has recently suggested a tiered system, which is something that has been banded around for decades (even the EU-sceptic Conservative Party in the 1990s during the Major years coined the phrase as a positive compromise). Ultimately the EU needs to seperate the trade zone from the artifical social and national construct of a national identity of Europe as it is far too dogmatic. Mirroring that, people moaning about missing the benefits of trade zones should also realise that new ones can be created, they are not fairy dust or ancient religions set in stone.
Dr Roubini is an outstanding economist 🙌. He also warned us about the Ponzi Coins aka sh*tcoins called Crypto now we are witnessing his prediction. come through. FTX exploded like 🌋💥💥
@@globalismoblackman The wonderful and beautiful genius Tory goons are so loyal to Fascism and Nazi ideology that Guy Fawkes would be so proud to see the UK hung drawn and quartered as it is being accomplished now. Britain is being hung out to dry as BlowJob gets £275,000.00 for a short off-the-cuff made up chat and Rees Mogg laughs all the way home from all his stupid lies and Fárage socks the Big One and all 0.01% of the richest Brits can enjoy the fruits of our labour. It's beautiful. Roubini knows that the 10 Megathreats are irreversible and the dystopia is upon us very soon. Putin really doesn't care because he's one of them, up there with Musk.
Every financial goal requires patience, dedication, and a consistent spirit knowing that investment is currently the most lucrative business in the world, both NFT, real estate and Crypto shares are positively changing people's lives.
The European Union agreed on February 8, 2022 to prolong until June 30, 2025 the permission for Britain's clearing houses (LCH, ICE and LME) to continue serving customers in the bloc, with officials saying it would be the final extension. I'd say that yes, the City _will_ lose its Euro clearing business.
The header indeed appears somewhat weird - as if the EU would revise her decision.
@@EllieD.Violet What decision? There has not been an official decision.
@@suburbia2050 There has been. The euroclearing grace period will end June 30th, 2025.
PS I see Jouni already commented above
Gives a wishful thinking non-expert like myself that EU accomodating UK for it's own reasons, one of which may be creating a smoother path to a closer union which by 2025 will still be feasible and after which gap between divergent standards and practices will be too cumbersome to surmount.
By 2025 the EU will be finished .
With Britain outside of the EU why would anything Euro stay in Britain.
It reminds me of David Davis who suggested the EU agencies situated in Britain (banking and medicines) could well remain in Britain. That created some odd smiles in the EU.
David Davis is the most deluded freak I've ever seen on TH-cam and that's saying something.
The same reason why it was there even though the UK was never a part of the Euro? Or why the EU allows New York to handle Euro denominated clearing? The size of the market and its international legal framework allowed it to carry the risk. In an open economy things go where the skills and critical mass of industries are, obviously the EU is an artificial construct with socialist ideals so they try and spread things around in a sort of sharing the pie ideology, but the trouble is that then the sum is never greater than its individual parts. Legislating the phyiscal location for a business is basically goes against free trade.
@@suburbia2050 , it's about banks and customers and London has become less attractive, that is all there is to it.
@@hurri7720 Financial Services aren't about only about banks. London hasn't become less attractive to financial services, the fundamentals of its attractivness hasnt changed one bit, the English legal system, open market, lack of petty regulation (The EU directive on Euro derivative trading is a perfect example of the sort of petty legisation that markets hate) and a critical mass of the industry with the required employment skillset. The only problem appears to be your ignorance on the subject leading to simplistic soundbites.
@@suburbia2050 , you haven't understood a thing about what Brexit has changed.
As for petty regulations, do swim in your own shit.
The EU is insisting on it.
Would you let your ex-wife run your financial affairs after a divorce?
Nope lol 😆😂🤣
In-shoring Euro clearing is the first step. What are the odds the next step will be pressure on the City to clamp down on dark money?
Remember how the EU blacklisted UK territories right before Brexit date? I am sure that was a shot across the bow of Pirate Singapore on the Thames. If it doesn't change course and continues to "slash EU red-tape", the City stands to be blacklisted as well...
I do not understand the reason why the British continue to think about Brexit, they have what they have been looking for. No one in their right mind can think that if they leave a club and stop paying the fee, they will continue to have the advantages of belonging to the club. Today nobody in the EU wants the UK back, now it is easier to make decisions, we no longer have the enemy at home. I feel sorry for the Brits who didn't want Brexit and also for those who were cheated..
Euro boy, the microscope isn't telling the rightful news, all u need is to type up doom and gloom for any region in the world and something relevant will pop up on youtube, your username is ranting anti-British vitriol on quora, i recognise u
💯 %👍
So true 👏👍
It’s not “the British”.
It’s the billionaire classes and the stupid people they conned.
Hey Edinburgh, Dublin's picking up some of this business. No doubt you will too when you become independent and rejoin the EU.
Who'd have guessed that money gravitates towards money? If huge chunks continue to be taken out of the City of London, how long before it becomes a backwater and no longer a hub?
Three years
You do realise that most of the world trades in the dollar right? With the RMB increasing as well. "Backwater" lmao such dopey hysteronics.
There is no doubt the City will lose its Euro clearing business, as having the Euro clearing in the City is a MAJOR strategic liability for the EU zone. The risk is just too large to keep things as they are: a financial hiccup in the UK can now disrupt the whole Euro zone.
This is even apart from any financial gains this will bring to the EU zone in extra taxes etc: those are immaterial compared to the strategic need to have Euro transaction clearing under control of the ECB and the European Council.
How is it a "strategic liability" the risk is only in how the transactions are managed, ie if that was no cover for loss of payment. It makes it more of a liablity to move a clearing house to a smaller market or one with a legal system that does not have global renown. If the EU put up laws to regulate physical locations of clearing that would be basically reversing the process of free trade. I guess you didnt ask yourself why New York is allowed to act as a clearing house for Euro denominated trade?
@@suburbia2050 Euro economies are undergirded by the Euro and under the supervision of the ECB & ECJ, giving the ECB the power and the ability to correct things if things go sour, on a far, far greater level than the UK would ever be able to.
Hell, the UK government could now cause the Euro economies to come to a grinding halt if it started manipulating those clearings. It probably wont, but it could. That is not acceptable for the EU.
@@TheEvertw Hmm think you are getting mixed up between what clearing houses do and currency exchange rates.
This is great to hear for the Irish Financial Service Sector, which has already grown by 25% since 2016. Dublin will not have to be the new European banking sector, all Dublin needs is to increase its market share in Asset Management and increase income tax as these are high skilled high paid jobs..
Dublin is too small, it wouldnt be able to handle the risk, its more likely to go to New York which if you hadn't noticed is not in the EU but the EU allows them to handle Euro denominated trade.
@@suburbia2050 Ireland isn't looking for the banking sector or the stock market (despite increasing in the Value of the ISEQ in the last few years), Dublin is looking at expanding the Asset Management sector like JRM's Sommerset Management Agency, which is a labour-force heavy with high salaries sectors. Already, Ireland holds the Lion's Share of the Global Airplane Leasing sector & Fin-Tech Sector. The IDA is focusing on expanding in related sectors, particularly as Ireland use Common Law similiar to the USA, Canada, Austrialia, New Zealand and the Uk, while also being part of the Eurozone.
@@suburbia2050 "it wouldnt be able to handle the risk"
Nonsense! The risk is shared by all EURO countries if you're talking about EURO clearing, that is.
Temporary market access for UK clearing houses, known as equivalence, was due to expire in June 2022. When it became clear that EU banks wouldn't be absolutely certain to take over this job until this date, they prolonged it for 3 years, but that is the last grace period for London.
The business will not go in one big step but slowly dry out!
For the second point - the link between Euro clearing and the Dollar business - i guess the USA government (no matter who delivers the President) would only be too happy to reduce the position of London to boost New York as the biggest banking place in the world, So US banks could be more eager to move their clearing business to EUrope than even EU based ones.
Wrong again.
The UK has agreed an enviable, scalable, Digital Economy Agreement with Singapore. We will extend that to the EU.
The EU _relies, depends_ upon the UK financial sector, to keep running.
And when we accede to CPTPP, we will be providing financial services in APAC, and in IPAC.
Anti brexiters always predict utter doom. It's all they *ever do.*
When it doesn't happen they morph their silly narrative.
You've failed.
@@Lucid.dreamer and brexitards always talk about golden mountains for the uk. No 1 sees them.
@@NLJeffEU
We "brexitards" keep beating the tar out of remoaners.
We've left the EU, Oh mighty remoaner. And we're not going to "rejoin", (there's no such thing), the stinking, rotten EU.
And you?
Six solid years of abject failure have taught you, *nothing.*
@@NLJeffEU Golden mountains or not it is a fact that London is a global financial services capital long before the EEC or EU. The EEC was only ever about hard traditional industry and the EU was only about the construct of a Super nation with a centralised currency and bank. Whether Sunderland will benefit from London continuing with what it has always done is a different matter though.
I appreciate you effort in making this information available. Sometimes you lose me but I listen intently 👋
It doesn't matter if this business goes away, sooner or later, by that time the detestable tories will have emptied the coffers for themselves and will watch the fallout from their poolsides.
Sadly so it seems is the case. All of us housed in these towers of rabbit hutches perched on previously public owned land and whose only access now is via undeviating main thouroughfares wirh security guarded gates to each enclosed estate - available to constant surveillance, each of us as visible as a vanishing point on a renaissance painting. What a comforting perspective for the pool-siders!
If this is the single most important issue in relation to Brexit as Mr. Bishop is pointing out, why did we only talk about fish in the MSM?
It was there, but fish, immigration and the perceived EU "red tape" were the things that captured the attention of the Eurosceptic public.
Stupid is stupid, morons deserve morons. The UK is a shining example. I've washed my hands of the human species. Sorry.
Everybody knows what a fish is, has eaten fish, and on an island country an emotional closeness to fishing and fishermen is somehow logical.
Hardly anybody can really explain what Euro clearing is or what the sums involved really mean.
If you have ever bought a car you have some feeling what ten thousand GBP means, even a million is within the imagination of most people. A billion is already out of the thinking range of most. A trillion certainly is - hundreds of trillions - i guess even bankers see this just as a number.
Maybe it was because the English are as thick as two short planks?
Maybe its because the English never learn from history, because they don't teach it at schools anymore? Nobody in the EU understood why the UK were all so obsessed with the fish either. Sending gun boats to the Channel Islands to frighten the French was amusing though. The French won if I remember correctly.
Thought you would have learnt your lesson during the Cod Wars when the Icelanders kicked your butt. No chance, eh?
M.S,M, always thought this type of stuff is way over the working man/womans understanding. Totally disgraceful behaviour from M.S.M. pre and post Brexit.
brexit have failed and the people in the uk are now back in the 1970s
Without the great music and fun!
Luckily their infrastructure has been there all the time.
They eventually will - the logistics has been slowly moving abroad for a few years now, I noticed, with no denialism.
The video has the wrong title - Bishop himself even stated unequivocally that the Euro desk's movement to the EU is not an if but a very definite "when". In fact 2025 is itself misleading if you actually listen to the plan set out by Mairéad McGuinness. By November 2024 the move will be complete and the next few months is simply a grace period for more tardy CCPs to effect the move with minimal risk to their own solvency. Bishop also conflates time-tabled regulatory adjustment (that which is definitely going to happen) with projected further development (that which is known to be around the corner once this happens) and ultimate ambition as expressed by McGuinness (that which the whole operation is designed to achieve in a best-case scenario in the years to come). Presenting all of these as "aspiration" on McGuinness's part simply means that Bishop has failed to really appreciate the inevitability - and indeed the concrete timescale - of the mechanical adjustment preceding the growth of Euro clearing in a purely EU-administered system.
The rest of the speculation above concerns what the impact of this will be on the UK exchange, and indeed on derivatives trading per se, which is all very valid a subject if you're British. However what comes across to me most of all in this is the all too typical British inability to understand the concept of hard reality or to distinguish such reality from either speculation, wishful thinking or "grey areas" in which a country that never takes other's rules seriously has always arrogantly assumed it alone has license to operate. It is a mindset that drove the Brexit folly, but in truth it is manifest in almost all British thinking when the UK deigns to consider the real world outside its border, as prevalent amongst "remainers" as "Brexiters", as this video amply demonstrates.
I am reminded of the answer a Dutch commissioner once gave when asked what the EU had learnt from the Brexit debacle. "The EU I hope has learnt much," he replied. "But ask me what I have learnt? That arrogance and complete stupidity are indistinguishable from each other in terms of effect."
Brexit was always stupid for the people and brilliant for the mega rich, but consider what the coming world dystopia will bring about to basket case Britain! Do please be prepared because the Megathreats are now IRREVERSIBLE. For evidence and factual proof, read Nouriel Roubini's new book, "Megathreats" for the 10 catastrophic elements that we are about to suffer. Dr. Doom is really Dr. Reality!
All very lovely and condescending but ultimately it is just the EU putting a barrier up to free trade, for example New York also does more Euro denominated clearing than any EU country. So you are trying to defend one petty decision while poking fun at another?
@@suburbia2050 Moving the Euro desk to the Eurozone just makes sense - especially after a Brexit in which its architects boasted of creating a "Singapore on the Thames". Not moving Euro derivatives to an area of competent regulation would have been simply stupid. But then that's a quality I hardly need to advise you about, I reckon. Thanks for the "lovely" remark by the way. Jolly decent of you, given your own obvious impediments in that regard.
@@SonOfViking Funny that New York is allowed to act as a clearing for Euro denominated trade then? You really think that Brussels even bothers to pretend that they can dictate financial regulation to the US? You have to laugh.
What exactly is this fragile regulation that could disappear and make clearing a trade in a particular currency so risky in London, despite promises to the contrary, when it has been a clearing house with a solid legal framework for every major currency since before the EEC and EU?
This is obviously pure spite from the EU, trying to conjure up an excuse to introduce protectionism to try and force trade clearing through less efficient and more risky European clearing houses, a complete antithesis to free and open trade of what they want to be a "global" currency. But yeah keep defending the decision, if you are a protectionist at heart then fine but if you appreciate the benefits of free and open trade then you are merely a hypocrite.
Afraid there"s the rub" as one called Shakes peare would call such an unfortunate condition of what some seem to see as very essence of being British. Endearing and tolerated as a private vanity maybe, but as public policy, dangerously delusional .
"Will"? Already decided.
UK Lost 32 billion from exports, that is your black hole, as thousands of companies have lost everything, as we are not in the SINGLE MARKET like N. Ireland, Norway, and Switzerland, we will have to for business .
Yes and now the DUP doesn’t want that
EU banking cannot happen in a government that actively advocates for the breakup of the EU. This says nothing of the fact that the UKs own minister for corruption resigned due to in action on corruption.
Its not about EU Banking, its about aiding trade performed in Euros, so you are basically ignorant about the subject. New York acts as a clearing house for Euro denominated trade.
@@suburbia2050 "New York acts as a clearing house for Euro denominated trade."
And we will deny London the same privilege! It's as simple as that!
Brexit has cost UK and BoE a lot of wealth
If you remove London from the disUnited Kingdom's economy, the only other profitable entity is Scotland. London's profitability is shrinking. It will be a great deal less by 2025.
As the disUnited Kingdom continues on the disastrous brexit course, it becomes imperative that Scotland free herself from English imposed neoliberalism. Our referendum will be held next October or at the next GE.
After we are safely ensconced within the EU we shall watch England's choices with interest. If Starmer becomes PM I suspect the closest of politically acceptable alignments with the single market and customs union. It is merely a matter of phraseology.
Whatever Starmer's political beliefs, he can separate facts from verbiage. You, FT, may have to wait a very long time for membership of the EU. But every scrap of closer alignment will help economically.
Saor Alba
Starmer? Who is that ? Does he even exist?
That dude is just a bench warmer in parliament Lol 😆😂🤣
Boy you guys in the UK are screwed.......lol
Love it!!!!
@Matty Kelly Doesn´t matter who sits in the White House UK will always be "Murica´s" lapdog to call on when they want some cannonfodder to export their version of "democracy".
And they're still trying to kid themselves that they made the right decision. They're arrogance and self-delusion knows no bounds.
British voted for brexit against the city because tey think they did not benefit from it :)))
Project fear did warn of this but little England didn't listen.
Stronger together 🇮🇪🏴🇪🇺
In 2016, when trump won, I sated my lifelong hunger for politics by focusing on Brexit. I was dumbstruck that Brexit passed, and I was hooked; How was the UK going to deal with this decision? Your discussions are detailed and insightful, revealing the depth of the hole your country has dug-and continues to dig-for itself. Thanks for taking the time to post.
So, the kind of person who would happily sell the Constitution to make a few more dollars then?
Only one thing happens to a 'bubble', eventually they.....
UK SO deserves Brexit!
The problem with the English is,they have an over rated opinion of themselves.They always think they are superior to 'Jonny Foreigner' maybe there's a correction coming!!!
There is a correction coming. It's called Scottish independence.
Yes, exceptionalism, the curse of empires. Great empires can only fall from within, and exceptionalism ensures that. You see it with people from the US too. The only cure is a national humiliation.
@@conalcorbally3001 Phukc I wish I wasn't English right now! Of course it's the ordinary people who are having to suffer it while the rich blame them for it.
Steryotypes, steryotypes...without them what would you do, eh? I'm English and guess what? I've NEVER thought of another nationality as 'Johnny Foreigner' - perhaps you're simply expressing your own inner feelings?
@@jackaubrey8614 If you google search "Jonny Foreigner", Jack, you'll get far more info on a rock band from Birmingham of that name than you will on what the origin of the term is.
But I don't see that it's stereotyping as such, rather it's just a slang reference to those who aren't British. It's a way of referencing or labeling on mass all those who are not one thing or something into one group with no further description.
Actual stereotyping, on the other hand, as I understand it, is a bit more complex because it involves an actual or implied description, be that true or faulse.
However, kudos to you if you see yourself outside of Pauline's stereotyping of the English, although personally by generalisation I agree with her totally.
Another Brexit benefit, thousands of city workers now working in Paris, Dublin and Frankfurt, as migrant workers lol 😆 🤣 😄 😂 😀
Dublin is booming
Their tax and earnings paid towards our public services.
@Edward I warned them back in 2016 they refused to listen. Now they are crying to their English teacups Lol 😆😂
@@therealrobertbirchall Bug time Bruv 👏👏👍🙌😎😁
Natural gas? The UK is full of gas and hot air!
Given Thatcher sold the gas off to prop up the failing economy in the late 80's, it's just hot air.
The main problem is that those responsible in leading positions have not managed the Brexit process professionally. All the failures have caused a situation in which the UK has no other option but to rejoin the EU to help its population find a sure ground to build a better future.
The UK can apply to rejoin, but it’s is not their decision I’m afraid. The EU decides on all applications from 3rd parties to join in whatever capacity, and currently I’m assuming there is no willingness from the people nor is there much political will to allow the UK to rejoin. My thoughts would be to try again in a couple generations.
Who would reinsert a tumour.
@ well said
"Brexit has not been done professionally" is identical to what purists said about Communism "it just hasn't been done right, yet".
In all cases, brexit is never going to deliver. GB residents can carrying on dreaming of rebuilding the empire, industrial miracles and sunlit uplands but the reality is that GB has joined the prestigious club of low grade satellites (Albania, Belarus, Macedonia; Serbia, Bosnia, Montenegro...).
GB does even not "have the option to rejoin the EU": it is not for GB to decide. It is for the EU27 to consider and given the awful xenophobia shown by many Brits, this will not happen for a few decades.
@@Andrew-vx2ls more than likely the EU would welcome Scotland joining. If only to destroy what is left of England. There is is this link with Scotland, their debt in Pound, and that might be a crowbar.
That is a big chunk of the economy moving away!
If we're not in the financial industry, but we are in the UK, is there anything we can/should be doing to mitigate the effects of this change to the economy?
I always hear 2 words in relation to this: crypto derivatives trading and fintech.
These two are going to save UK. If you have to rely on crypto derivative trading you must be very desperate.
You could consider getting on your knees and begging to be taken back into the largest trading block on the planet because you had a brain fart moment ...?
If you think that the value of handling a global trade is somehow directly ingested into the UK economy then you obviously dont quite understand what is going on.
@@qeitkas594 Lol I would say anyone claiming what you are claiming is the desperate one, "crypto trading"
Even if the U.K., gurgled and bubbled down into the sewage infested waters around its coast there would still be mindless diehards who would be shouting, BREXIT IS GREAT, as they disappeared beneath the murky waves.
The waters around Scotland r not full of sewage because our water is nationalised so we treat our sewage and also we have pride in our country and want our citizens to be healthy unlike the little english voted for Tory party. When will the little english get rid of the huge chip on their shoulders and come down from their arrogant, ignorant, elitist towers and join the real world. They have been corrupt and unliked by everyone for ever and they r the ones who constantly make agreements and then move the goalposts. As they have done with Scotland for 300 yrs! Hate them all!
What you don't realise is that not everyone in England voted for brexit especially in Liverpool. We are not all dickheads unlike the stupid tories. I realise that a lot of Scottish people hate the English, my daughter went to Edinburgh University and whilst visiting could feel the resentment but it's sad that you hate like that. Learn to understand the English instead of going off one one with a biased and ignorant rant, that makes you no different to the sad brexiteers.
@@marnfulda1758 Well, it was the English who gave the Tories their massive landslide victory whilst under the leadership of Johnson the Liar.
It was the Tories who sold off most of the Nation's Utilities and public services.
This was akin to a once wealthy household selling off the family silver to generate revenue.
That's a great idea until you run out of silver.
Now we're left not only penniless but with an enormous debt of over one £ trillion which we're having difficulty paying the interest never mind the capital sum and we're out of Europe as a full member to boot.
These are the problems, well some of them, and so far there has been no individual or any party capable of producing a winning ''battle plan'' that will set the nation back onto the road to recovery.
The upshot is, it was the English who dragged the U.K., out of Europe on their politician's narrative based on lies and deceit.
Then we must look at the eye-watering corruption within the S.N.P. and the crumbling political structure in Northern Ireland.
The Unions would have us believe that the best way to extract ourselves from economic Armageddon is to ''GO ON STRIKE''.
In 1939 the nation bonded together and faced the onslaught from Nazi Germany on a united and coordinated front.
Now, we go on strike demanding inflation busting pay rises which in turn will further feed inflation and create the endless circle of more wage demands and strikes.
The N.H.S., is on the brink of total collapse while we're being swamped by fit young illegal immigrants whom we cannot afford and who are denying sick and dying young children along with the vulnerable who have paid their just and lawful taxes all their lives the medical attention they need.
My assessment is that Jesus Christ Superstar couldn't save H.M.S. U.K., from sinking into the murky waters of self inflicted disaster.
I have visited Scotland many times to such resorts as Troon, Girvan, Ayr, Drumfries, Glencaple on the river Nith which you will know is the biggest bird sanctuary in the U.K., as well as Glasgow.
I am particularly fond of Edinburgh where I lost my heart to a young teacher student.
During my visits there I mused around the various museums and noted the numerous inventions and discoveries which I had hitherto attributed to the English were in fact made by Scotsmen.
Television, ether and the telephone to mention but a few were all Scottish achievements.
What a diabolical shame that the S.N.P., let your country down.
Possibly not so surprising in the light of so called hard Brexit, but especially concerning to the economy as a whole which relies on financial services. It seems yet again politicians have no understanding of reality and the consequences of their illusory policies. If Euro and dollar clearing move,as is clearly this prospect, quo vadis Britannia?
Euro derivitive trading is a small part of "financial services" and what has the dollar got to do with that?
@@suburbia2050
Paris is already the biggest stock market in Europe . And Euro derivatives are a huge part of the financial services in london
€ are 30% of World Trade Economic done in € and just growing 🤔
@@suburbia2050 All EU related financial services will eventually go to the EU.
"what has the dollar got to do with that?"
Why have two office buildings? Sometimes is handy to have all activities in one place.
My heart goes out to all those who are no longer able to pop open £40000 vintage wine at lunch. Our very society rests on the shoulders of these financial alchemists who can conjure money out of thin air. God help us all.
Bankers are arseholes.
But the banking system pays taxes. To the tune of trillions.
And YOU voted to have them leave the country.
Well done you.
@@TesterAnimal1 A system rigged so that Financial Services is the King of all national industries, with other national industries being Pawns ready to be sacrificed in the interests of London.
Banking didn't reform after 2008, so it deserved to be destroyed. You lose nothing if you already have nothing to lose. Believe me, it is London and the Home Counties who are quaking in the boots, not necessarily the rest of the UK.
It was always going to be the death of the City of London Financial services. That's why Germany (Frankfurt) was so keen to drive the terms of the Brexit agreement where they related to Financial services.
LOL Brexit was entirely the work of knuckle dragging flag suckers in england.
UK has no deal concerning services, nevermind financial services, only with goods. BREXIT was never meant to be orderly prepared and executed to begin with. It was a bet on the assumption that the EU would fall apart after BREXIT, and the UK would pick-up the pieces afterwards. That's why the BREXIT negotiation team was utterly unprepared and just negotiated a bone-bares trade deal for goods, only. Every action of the British government since is damage control.
@@susannehartl3067 I think you are making shit up. True there were many anti-EU movements in a few countries at the time all feeding off each other in a sort of marketing manner. But the money that funded the Brexit campaign in the UK was purely those who see greater benefits outside of Europe, namely those who are either US-centric, or those who see the gobal economic shift towards Asia and saw the beaurocracy of the EU as a long term hinderance. Remember, they can still be right there.
Lol there is more to the City of Londons financial services then Euro denominated clearing. The ignorance in this comment section is hilarious, and people poke fun at the delulsions of those less well off who voted for Brexit.
@@suburbia2050 You think I am making shit up? Quite contrary. I have observed the negotiation efforts from the get-go in British and international press and have connected the dots.
Nick Tyron wrote in his online essay “The four assumptions behind Brexit”, the Tory’s (or ERG’s I should say) BREXIT campaign based its strategy on the hypothesis that BREXIT
“1. (It) would cause the EU to collapse.
2. We’d then get all the benefits of the SM without having to follow the rules.
3. We’d get a great trade deal with the US.
4. There would be a painless solution to the NI problem.
None of these happened.”
And there was no plan B, which explains among other things the utter unpreparedness of the British BREXIT negotiation team, and - despite the constant threatening of a No-Deal crash-out - lack of arrangements of the UK’s administration and agencies for such an outcome, never mind the bone-bares deal it has eventually gained. Further prove that the outcome of BREXIT has the UK government caught on the wrong foot is the fact that after five years into BREXIT it has launched an advisory board to seek out opportunities for businesses and promoted Michael Gove to head a task force to solve the supply chain crisis, he himself was involved in its very creation. BREXIT minister, Jacob Rees-Mogg even had the gall to ask readers of the Daily Mail (of all people!) to come up with suggestions of BREXIT opportunities, which actually would have been his job.
The ERG-Tories told the Norther Irish nationalists, the fishermen, farmers and all the other business leaders that nothing will change - a promise impossible to uphold,, because the BREXIT deal the UK has dreamt of was impossible to accomplish without damaging the single market and customs union’s very foundation. It was made clear from the get-go that the EU will not roast an extra sausage (a literal translation of a German phrase), not even for the United Kingdom.
The motive behind the rush to get BREXIT behind the finish line was clear: GET BREXIT DONE meant get it out of the press and out of public mind. That didn’t work out either because not only does the Anti-BREXIT fraction still insists that BREXIT was a bloody bad idea - and were proven right -, but the negative effects of BREXIT are hardly to ignore anymore.
Same with COVID: Just wishing it to go away does not make it so.
Given the aforementioned assumptions and the persons in charge’s tendency to dismiss experts advise, it is no wonder that the British government has bungled it. The defence of BREXIT went from “Free UK from the shackles of the EU to thrive again” to “We’ll manage it without the EU just fine” to “It’s not about economics at all”. Announcing a UK Space Agency during the hight of the supply chain crisis reeks of desperation, similar to Trump’s announcement to launch the new agency “Space Force” - which actually was an already existing branch of the military including a new (actually refurbished) uniform - as his popularity was tanking during the Covid crisis.
Sure, there have been other people with different agenda's, too. What these US-centric, or those who see the gobal economic shift towards Asia had to find out was the fact, that neither was the UK keen to negotiate a trade deal (about 30% of US trade is with Canada & Mexico, China accounts for another 13%, as for the UK, it is 2.5%), nor weren't other countries in Asia exactly waiting for the UK. And guess what, other countries are already there, even EU member states, who surprise, surprise had managed to do business in these countries while in the EU.
Life is a capricious scholar. It takes the exam first and provides the lessons afterwards.
Thank you. An interesting discussion
Interesting speaker. Wish the talk had been longer. I got the impression several answers got cut short.
In the immortal words of Private Frazer (John Laurie in Dad's Army) "Wur all Doomed"
when the Euro was adopted and UK opted out many in the Euro zone took UK to ECJ(Europe court of Justice) and France was leading the charge But UK won because the court stated that that UK is A member state they are Qualified to carry Euro clearences period but UK is no longer A member state and that is why Euro clearences are become A top priorty for member states and ECB(European central Bank) and start working toward Removel as everthing else of the hard Brexit UK chose incliuding 100 Billion Euro Investment to upgrade and expand the ports of of Iralnd so UK land Bridge will not be an Issue for Ireland Imports and Exports as all the same was invested in all of the other EU ports and the EU commision Assembled Financial Groupes and lawyers who are specialized EU Cevil servents to work with the company and Banks to map out the Road map by consultations not only that but also international Stock markets like Wall street(USA) Japon south Korea Taiwan Austrial New Zealand and others in Asia And new Emerging markets specially the New formed Africa Free trading Block so the EU is working carfefully to make sure everthing tied up so all the Rules and Regulations of the EU has been fellowed with no Room for legal battles and all that is nuences from people who wants to cut corners and those who use shell companies to launder their dirty monies as the EU has always had problem with london as it become more and more money laundery copital of the World and tax Heavy in the UK over sease Islands so now the EU has the legal Right to Remove their Euro clearences from England(London) because the ECJ will side with the EU because UK is longer A member state period because that the only one that saved them after the Adoption of EURO and that time ECJ sided with the UK because UK was A member state Ironic is not that ECJ Gave UK the victory to keep the EURO clearences in London but now lost because they are longer member of the Club oh lol all EU member states already okied to the commision to work hard and make certain to meet the deadline on JULY 2025 it was slow because of COVID and up grading and expanding all EU ports and Customes spaces and hire more custome agents and Removal of UK Imports and Exports to the third country colum and will not be throughly Inpected like all of the EU imports and exports now all that from or to UK are just checked the invoices to send on their way no scanning or checking any thing hiden it,s now UK ports job to do that and it,s not the EU Responsibilties any more.love light and peace to all our HumanRace and the Health of our Morther Earth and SLAVE UKRAINE) Glory and victory to UKRAINE and peace loving people.
No one is going to read that unbroken stream of tripe.
How about pressing enter and full stop every now and then?
We can also credit Steve Bannon and the US right wingers for Brexit. They wanted to try out world isolationism on Britain before hitting the US with the same and watch the extent of Brexit's impact on Britain.
Richtig. Dear cousin
The US was behind Brexit but they did it to weaken the EU, its biggest trade rival.
Poor London....I wont cry for you,bankers
You realise London is picking up the cheque for the rest of the uk though right?
Oh yes,Dirty money from every corner of the world....
@@paullacey2999 Been watching too much TH-cam to reinforce a cognitive bias?
Why the question mark? Of course it will.
Imagine having a massive EU lever to incentivize Great Britain to stop playing games if they want 'any' participation in the global trading markets. Boris Johnson's name will be mud in the history books and may not be able to walk the streets of London safely when it his the fan. A modern Oscar Wilde.
The Londongrad Laundromat will keep on running, it'll just have a smaller economy in which to hide the dodgy transactions.
EU don't want to pay the losses of the UK derivative clearing house. The UK will have to pay the bill that UK firm benefits along 20 years since they have the right to deal on euro from London without inside the euro zone.
UK financials services wins 15 billion by year from 1998 as 2016... So bye bye exemptions UK is out the eu club now and for a long time...in my opinion derivatives should not be allowed and otc trading too. Derivatives looked money markets very faster in crisis time.
"...UK pension funds just about bankrupted in a few days from margin calls..." one question "Why the fuck are pension funds allowed to use margin with people's pensions???", I can see allowing the purchase of puts & calls to mitigate risk, but, anything more is gambling with other peoples money & a few people should be in jail...
Indeed, that's why you need MORE regulations regarding financial services, not less. Then consider that brexitards want to deregulate as much as possible.
Because BrexitUK has always been a casino gambling economy toying with the life and destiny of its subject.Its a country that I will never move back to again.i have escaped the matrix forever Lol 😆😂🤣👏👏👏
Whenever the inner workings of the London financial sector are discussed all I hear is Pyramid Scheme Alert! No wonder there's a major financial crisis every 10 years.
But you have billions with Charles. And that wonderful famely. Your own Disneyland. That is very strong. And the Harkels. In california.. .wit lillibett. No rhere is still a lot to work with dear cousins
@@dagmarvandoren9364 try in your own language. The Translate button will do a better job.
Couldn't care less about bonds banks and boffins. The pensions are paid for and withheld from individuals until the age of receipt. Billions get squandered by politics, blame the government and rake them dry.
"The pensions are paid for and withheld from individuals until the age of receipt." Ah yes, you think your pension payments are stored safely in a vault, until you can withdraw the funds? LOL. Keep dreaming.
This looks like another Brexit bonanza.!!!
Its what comes of spending all your time shouting about fish and ignoring what pays the bills.
can u imagine Britain hs already lost 2.3 trillions £ due to brexit, wonder why everything go wrong :)
Handling derivatives doesnt directly mean you have that value as an investment into the company let alone the government (lol at your ignorant logic there), you arent selling a product you act as an enabler of that trade. You miss out on that specific job, skills market and real estate demand (minimal in a city the size of London) that it creates however. It appears that there is just as much ignorance on both sides of the arguement.
@@suburbia2050 Still the € clearing bussiness allegedly brings in about £ 85 billion in taxes.
That is nothing you have the king! And USA. What more do you want?
Hurrah for schadenfreude!!!!!!
Ask the people in Grimsby how they feel about derivatives.
Lol 🤣😂
Um... The UK pensions got wrecked by our own government. Stop blaming it on anything else.
The thing not mentioned here is the desire of the British government to deregulate the city to gain competitiveness.That’s the opposite of what the EU wants and based ont the situation now( 22 of march 2023) with a new banking crisis looming the EU is likely to accelerate the timetable. Personally I never believed the reason given to postpone the movement of euro clearing. ( the EU not being able to handle it) The most likely reason is to prevent the total collapse of the city as a financial centre ( the worlds number 1 or 2) That reason is likely to prevail again in 2025 with the British economy deteriorating further the moving of Euro clearing becomes either mote urgent ( getting the money out before it collapses) or will need to be slowed down again to prevent a complete default of Britain. My guess would be second option.Euro Clearing will be moved but not in 2025 at least not entirely. The EU can not afford the total collapse of the city just yet. Especially not with the worlds economy on a downward trajectory.
Broken economy
They willingly voted for it. Got to stop those pasty foreigners from freedom of movement. Oops!. oh wait! LOL LOL
Yes the move by the EU to try and bring Euro derivative trading inhouse is the sign of a broken economy, because it is not an economical driven decision.
@@suburbia2050
Yes it is because under EU law euro derivatives have to be done in the EU. The uk left the EU
And your lies are fooling no one. We can see your media. You economy nearly imploded two weeks ago and now the uk is in recession
@@suburbia2050 Ultimately politics trumps economics every time. There is more than one reason why the EU would take back control of its financial services industry. The EU is a protectionist bloc. It is also a highly political animal.
Brexit Britain must now look elsewhere to trade its financial services. This is clear evidence of Brexit sovereignty.
Very interesting, thank you for the video.
I hope London finds a way to keep its edge
Stupidity is stopping the UK moving forwards.
I'd say that it's not just that, it's effectively dragging the UK backwards. Economically to the late 1960s, but where the union is concerned to the early 13th century...
@@0cypher0 lol 😂👍
Stupidity and racism. Blame someone else poor for your problems. That way you won't blame the Rich who controls ALL the money.
@@0cypher0 Strange comparison, the 1960s were economically, socially and culturally a mini-golden age, all without the EU.
@@peacheswilliams4539 So all countries that have control over the border of their nation state are "racist" and "stupid" are they? Thats an awful lot of countries!
Interesting and important. It is a bit over my head though. Possibe to do another to explain more about how this all fits in with our lives? Particularly where to the risks and revenues come from?
Most of that was over my head but the figures in the chart add weight to my unchanged opinion that the City is far too powerful a component of the Establishment not to have had the influence to work successfully for the reversal of a highly marginal Leave vote had it wanted. Furthermore, if it had worked out what brexit would mean for it and just waved it through, more fool it. Moreover, if it hadn't worked out what brexit would mean for it - er, that doesn't inspire confidence, does it? .
One problem is the City is not (and has not been for nearly a generation) in any sense a British centre: its leading operators are American, European, Asian etc. The old tight bonds between the national interest, the Conservative-leaning Establishment and the financial markets has evaporated in the heat of globalisation. Strategic thinking on this subject, let alone strategic policy-making (or damage limitation and evasion) no longer exists in our politics.
@@johnstevens1022 : These strike me as very good points. From which I guess it might follow that whatever group of interests was in the City's driving seat, so to speak, it had not worked out very clearly what brexit would mean - or didn't particularly care.
Err? Business doesn't get a vote. "Fuck Business" was a Brexiteer war cry. You did a good job of fucking business generally, now you are going fuck the City too.
@@rorykeegan1895 That Brexit is a disaster for the City is indeed the point of this piece. It can only be corrected in my view by a complete reversal of Brexit including (as would now be the case) joining the euro.
@@johnstevens1022 "It can only be corrected in my view by a complete reversal of Brexit including (as would now be the case) joining the euro."
And that will take aprox. 20 years if all goes well!
I think that this is the 3rd time today that I have heard/seen a reference to that Hemingway quotation by a Brit commentator.
I am sorry: I trust our financial services commentary is more original than our literary one
@@johnstevens1022
Please forgive me, I meant no criticism. At last, there seems to be some sort of willingness amongst the commentariat (Especially FT and Economist) to face up to certain uncomfortable truths.
Shame about most of the press and the political parties (except for the ‘wee lassie’ north of the Border).
Cool or :)? Maybe time for Kafka as well?
@@charlesbruggmann7909 FT and Economist have to face up to certain uncomfortable truths. Their whole raison détre is to face up to economic realities and publish them.
uk Still Owe India 92 Trillion pounds for all the stuff they stole
lol
What about the other countries Uk has robbed.
Not buying your white guilt
Who do you suggest they give it back too, the Moguls? They were Iranian.
We can t pay it back, if we pay back money to India all the other countries we stole from will want their wealth back as well.
I want to point out one thing. As long as there is a regulatory alignment the cpp can be in the EU and still be serviced from the UK. That provision has been explicitly negotiated into the trade agreement.
It is however true that long term the trading goes where the settlement is.
"Brexit Britain" desperately wants to deregulate. They like to call it a bonfire of EU rules. That regulatory alignment might be gone sooner rather than later.
@@janickpauwels3792 I don't think anybody wants a deregulated UK market. Banks need to be bailed out again and again when their bets turn against them. What makes the UK so attractive is that its regulators are toothless, HMRC only monitor taxes after remittance, the SFO has no staff, OPBAS does not do prevention or oversight and the FCA is in daily contact with investment banks and the revolving door is spinning non-stop. The Bank of England will just bail anybody out. Another reason why Corporations are in the UK is because the global established diplomatic apparatus is extremely valuable, especially for firms involved in raw materials mining and currency markets. Regulation is required to give this diplomacy the scepter of superiority, and the illusion that people adhere to rules, while in reality they steal from everybody and do not contribute fairly to society.
I thought that nothing about financial services was arranged in that agreement? That was the big issue left out.
@@raaf4678 Clearing and payment systems are specifically included. (trade agreement, not withdrawal agreement)
" As long as there is a regulatory alignment the cpp can be in the EU and still be serviced from the UK."
The EU won't allow it.
Reap the fucking whirlwind!
Any particular reason why our beloved Tory Government isn't spreading this vital news to all those it could be affected by? Or do they think it's only relevant to big business and the finance industry?
I think they'll be in opposition by then so it'll be someone else's problem.
What did Brexit bring you for Xmas? Three years of recession. When was that on Boris,s bus.
4 chancellors of the exchequer
3 prime ministers
2 general elections
And a partridge in a pear tree...
@@0cypher0 Lol 😂🤣😅🤣🤣👍
@@0cypher0 LOL
One thing that is missing from this video is that soon UK Pound will not be a reserve currency anymore. There is no incentive for the USA and EU to keep that extra cost. If you do not believe me, then ask the Chinese 😀
What is going 😳 on
Was so a nice and friendly place
People go where the capital goes..
IS. European Union is were MONEY is.
Awww. The poor bankers...
If British banks have no money they can't borrow for the normal British person to buy a house , so you will live in the streets
@@heldertorres4296 please don't comment if you don't understand how banking works. It really shows.
@@gsismaet5385 what you just said ? 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 I'm swiss dud..
Ohh you made me laugh.
Please repeat that again.
That was funny .
Very funny
The banking system pays vast quantities of tax.
Let’s chase them out so that they pay it all in Europe.
No, I’m serious. I managed to get out of the sinking UK and sell all my assets just in time. Bring the banks here! 😊
Served UK electorates that voted Conservatives as majority despite having brought BREXIT upon UK & more hardships on UK residents.
Absolutely well said cousin 👍
We need to rejoin the EU.
No chance they don’t want us!
@@raymondwebb4179 Thanks for your comment.
You talk SHITE , the EU is a vile political union
Would you like to see a united Europe? I mean one where we all share the same interests? Don't claim the EU is the answer to that question, it's the polar opposite Geoffrey and the UK said no thanks because they did not want to be ruled over by France and Germany
@@SennaStar U.K. have no power
The truth is that the UK was right to leave the EU. It has a greater level of democratic control over its own laws and borders. It also saves billions each year in EU membership fees.
As Monty Riviera says, it's good to see that the Federal Trust is finally engaging with the majority of us who voted Brexit in 2016. In large parts of the country, where wages, standards of living and good job prospects have been on the slide and decline for decades-we were in the EU then, remember that- we're all worried about the City of London and the fate of its multi-millionaire fund managers. I now I have sleepless nights over their plight. And to think that some people had the nerve to accuse the EU of being an elitist project!! As Catherine Tate would doubtless say, how very dare they!!
That money is used to keep tens of thousands working on more normal pay levels. You look at the top paid, but back office staff need this.
@@stephenconway2468 The entire economy depend on the city of London, Maggie thatcher made that possible when she decimated manufacturing and turned the UK into a bank..
@@kevonslims7269 Agreed. The Square Mile is now critical. One thing on top of that, the Big Bang gave everyone a lot of money but it was very unequal and it increased our exposure as a nation. Now it is the norm that the richer get many times more than the poor. It is not the case in most of the EU. I believe that the protest vote in 2016 was based on inequality which is a local issue.
Funny how one political decision (Brexit) is bad and stupid, while another (forced localisation of Euro Denominated clearing) is good and clever when in fact is it merely swapping open free trade for short term political punishment, most of the Euro Denominated Trading didnt go to Europe it went to New York because the risks and margins are lower than other EU Stock Exchanges and clearing houses. So is the EU going to ban New York from doing that trade as well and make trading in the Euro less efficient, more risky and costly?
All planned....
Would have been interesting to hear a discussion around what counter measures the City could or would deploy in the face of these EU proposals.
It was a pretty biased piece, they did not talk about the EU allowing NY to perform Euro derivative trading and yet are not members of the EU and arguably the US is far more historically antagnoistic than the UK towards Europe, after all the EU was basically created as a back stop to US hegemony. It is also did not mention that forcing markets to do Euro derivative trading geographically is basically a protectionist and anti-competitive move, it basically introduces inefficiences for that type of trading in the Euro.
@@norflandanforevahI think it is perfectly legitimate to support Brext and "bleat" about hypocritical pratises from the EU, I mean every European does that to the US right?
There are none. The euro is the EU currency
@@suburbia2050
The EU and the USA have a deal on financial services. The uk doesn't
@@suburbia2050 Once the EU has taken back control of its money ,it can adopt any policy it chooses in managing its resources. It is all about taking back control. Farming out its financial industry could be used in trade negotiations with USA, Japan or even Beijing. The world is just a click away nowadays.
The deal between the EU and Brexit is done. Let us not forget that Britain did not want a financial services deal with the EU over alignment.
I suppose this is further proof we are now an independent sovereign coastal state so we were told.
It is akin to what Putin has done to Russia, the world adapts and moves on, water and money finds the path of least resistance
Water follows gravity, not always the path of least resistance and what has money got to do with that phrase, making shit up at least use something with logic behind it.
6 years on and still peddling the same project fear eschatological dogma.
You've learnt nothing .
Project fear becomes reality bit by bit. So far all the predictions show themselves to be surprisingly accurate.
So much for the whole triple lock.
LOL at the ImBrexiles clutching at straws.
One thing all Remoaners seem to have in common - a vastly over-inflated opinion of their own intelligence....
@@jackaubrey8614 it's only over-inflated if it's not true, ImBrexile. And until now, it's been proved true. How does it feel to have sunk the country, traitor?
what will happen to small OTC interst rate swap dealers in europe?
I have no idea what these people are talking about.
'Market forces' and the economics of the West, the whole model reaches out into the remotest corners of every country and individual. The concept of social justice is not enshrined in any legislation. The grip is forever tightening on the capacity to actually live a life that's worth living. Surviving is the only option if you are not to implode into despair. Morality in the market place: investors, shareholders, banks, mortgages, pensions, salaries (skewed in enormous quantities in favour of those already rich, for example a banker chief executive compared to a nurse or doctor in the NHS) corporations operating in the stratosphere of billions, stock exchanges, value of particular currencies: all this is discussed inside the bubble of capitalism that has run riot. People are now no longer part of communities, they are consumers, they are digits on a computer to be brainwashed into thinking this way of acting and living is somehow 'normal' when it is outrageously dangerous, stupid and narcissistic. Politicians, and when you look at Westminster PM Question Time, it might as well be Spitting Image so unrelated it is to actually living in Britain, and the EU although far more intelligent is also in this bubble that people are in the way of economics. How often have you heard "We have an ageing population and how are we going to pay for that", Housing for all in Ireland announced and Slainte Care (supposed to mean equality of treatment to all citizens in our country means the opposite) while housing is a disaster given over to private developers and vulture funds to solve the housing disaster. My main point is people are now, whole populations that are not well off or super rich and disgusting are in the way of economics and a nuisance to the exchequer, banks, investors, shareholders, vulture funds corporations and rapist of the planets environment. When do these people have enough!
We voted for Brexit, so it is beholden of you to put your shoulders to the wheel and get on with it.
Yes. I want the full catastrophe of brexit to impact fully 🤣
Sounds dictatorial to me: a small majority (and not even that, in fact a minority) voted for something very stupid and then demands from *everyone* to support it? That is "democracy the brexiteer way".
Good luck with that, but so far no good has come from it. Laughing stock.
Plonker
"we" !!!!! lol
Well, now 61% of people in the UK see that Brexit was a mistake. It is a sign of maturity and a healthy mind to recognize that you have made a mistake and must work to reverse that mistake. One might say that one is beholden to reality. Reality will win no matter what you believe.
Welcome the coming dystopia with open arms ye Brittunculi!
Just because you talk posh doesn't mean what you're saying is right.
It also doesn't mean what someone is saying is wrong.
If you disagree, just say so and give your analysis/opinion.
They happen to be right that's all. If you don't like it that's your problem
Very true, Just look at Jacob Rees Mogg.
There were too many TLA’s for me to follow WTF is going to happen!
Mights and possibles. I bet your all actually glad there's been a pandemic a war and the baby boomer retirement situation.
You predicted all the bankers would leave three years ago.
It’s not really a compelling argument to move the “dollar desk”, which is the team that trades usd interest rates, from London to somewhere in Europe just because the euro desk moved. The sterling desk is still in London, the emerging market desk is in London, the Scandi desk is in London, the FX desk is in London, the research team is in London, risk management is in London, compliance is in London, regional senior management is in London, etc. Of course it’s possible but it’s unlikely.
The Libor team??
The Sterling is nothing compared to the euro.
Monarchical class-system rules ok. Hahahahaha
Calm the fuck down. This isn't a chat.
Why on Earth would moving desks around, make any difference in a world of Internet coms ?
And in such a world, why would the City of London be a, "hub", for dollar dealing ?
It's for the same reasons as that you don't want your ex to do your finances.
The UK has proven not to have the best intentions.
@@51bikerboy 😅
Might have to watch the video again.
As a working-class man, I've seen opportunities in the unskilled and semi-skilled sectors blossom. There is no longer a race-to-the-bottom in terms of pay and conditions, driven by wholly exploited external labour.
Also, Brexit is slowly forcing out the very kind of people I would like to see gone. Bankers, Hedge-Fund Managers, and other parasites who work in the 'services' sector, produce NOTHING tangible but instead concentrate on giving themselves an initial healthy cut earned from the labours of others.
So, not all bad. I would much rather live in a less affluent but more equitable country. What is bad for London may well be good for the rest of the country in the longer-term. The benefits of unintended consequences.
I bet you read the Daily Express. You clearly have no understanding of economic reality.
@@howarddavies8937 I don't care what you think, Howard...
@@mattcameron9349 I'm sure you don't, there's no hope for people like you. Brexit has had exactly opposite effect that you claim, there are more hedge fund managers, speculators and other low life in this Country than ever. A recent poll showed a significant majority of the electorate now trust Brussels more than they trust Westminster, I'm sure you'll be pleased to hear that.
@@mattcameron9349 oh what a clown you are.😂
You do realise that all the benefits that you think that you are seeing. You could have gotten all of them without Brexit? You don't need to have a less affluent country to be more equitable. These aren't opposite parametres that work against each other. Everything that you think that Brexit created. That could have been made through laws. The EU doesn't block any of this. The only reason why it had gotten as bad as it had is because these laws aren't in place. You are fed up with something that's not the EU.
Right now you see the unskilled and semi-skilled sectors blossom. That's because of a deficit in the workforce. This deficit appears to be good for the workforce. That is correct up until a point. When workers become too expensive. People like me get contacted. I'm an an engineer that specialises in automation. Together with the mechanical engineers. We automate productions. That means that we remove jobs in those exact sectors that you see a temporary growth in. This will happen. It happened in my own country and it will happen in yours. The only difference is that my country knows this and educates as many people as possible. You need a skill to have a chance of a good life. I'm not saying this to be mean but automation is inevitable. What you see as something positive is going to be a massive hurdle in a decade. Once automation takes hold. There is no turning back. The vast majority of factory, warehouse and transport jobs will get automated. That's jobs that are never coming back.
All you needed was proper worker protection laws... Not Brexit. The problem is still there.
16m5 odd pages of detailed STUFF. hahahahahahahahaha
I personally didnt support the type of Brexit that was put on the table during the referendum, denying access to a single market which is what the video is moaning about. But neither do I agree with the model of the EU which is linking a basic trade zone to a dogmatic vision of a United States of Europe, which doesnt exist culturally or historically, coupling free-markets with a Socialist twist ends up transfering the wealth created by well run countries to those with higher levels of corruption and waste. That directly impacts the tax payer and is morally dubious, akin to the Catholic church which ran Europe in the 1400 and 1500s that sop being that it ties up some well intended social contracts but which in reality should just instead be decided by the individual nation state, which is a better level of democracy for the person on the street. Nothing is perfect but there are actually bigger questions for the EU project than Euro derivatives. Macron has recently suggested a tiered system, which is something that has been banded around for decades (even the EU-sceptic Conservative Party in the 1990s during the Major years coined the phrase as a positive compromise). Ultimately the EU needs to seperate the trade zone from the artifical social and national construct of a national identity of Europe as it is far too dogmatic. Mirroring that, people moaning about missing the benefits of trade zones should also realise that new ones can be created, they are not fairy dust or ancient religions set in stone.
Who cares what you think of the EU now.
You've left, goodbye
The Catholic Church???? 🤪
That's rich when sectarianism is baked into the British State
So you think the UK is a 'well run country'? Hilarious!
You appear confused with local issues in Northern Ireland, its hardly the "British state"
@@Irene-im8xi hilarious that you somehow jumped to that conclusion. I assume English isn't your first language. Benefit of the doubt and all that
Read Nouriel Roubini's new book, "Megathreats" and weep!
Dr Roubini is an outstanding economist 🙌. He also warned us about the Ponzi Coins aka sh*tcoins called Crypto now we are witnessing his prediction. come through. FTX exploded like 🌋💥💥
@@globalismoblackman The wonderful and beautiful genius Tory goons are so loyal to Fascism and Nazi ideology that Guy Fawkes would be so proud to see the UK hung drawn and quartered as it is being accomplished now. Britain is being hung out to dry as BlowJob gets £275,000.00 for a short off-the-cuff made up chat and Rees Mogg laughs all the way home from all his stupid lies and Fárage socks the Big One and all 0.01% of the richest Brits can enjoy the fruits of our labour. It's beautiful. Roubini knows that the 10 Megathreats are irreversible and the dystopia is upon us very soon. Putin really doesn't care because he's one of them, up there with Musk.
Every financial goal requires patience, dedication, and a consistent spirit knowing that investment is currently the most lucrative business in the world, both NFT, real estate and Crypto shares are positively changing people's lives.
The real risk in the Crypto market is the risk of not investing, not the risk of short-term price volatility.
I have also experienced her great work too, she is good I can assure you of that
She is one of the best signal providers and I have made quite a lot of money without losing money even in a declining market.
Good
Where have these old boys been since 2016?
They were very very drunk.
not at the barbers obviously !
When people can't buy food shelves are empty, how can we go back to the caveman era when evn xaveman could fish without being fined...
You could start selling shelves....
Not surprisingly