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The UK is set to ban trading in Swiss shares after its exit The European Union.
According to the spokesperson, if the Treasury plans to enact legislation in the coming days for lawmakers that will be approved after three weeks. The story was earlier Reported by the Financial Times.
The spokesman said, “Once the Swiss State Secretariat for International Financial Affairs has indicated that they will lift the ban on UK trading places.”
The move is expected. In September, the UK confirmed that it would introduce legislation as soon as its equivalent powers came into force. Exchange operator Kobe Europe has said that it plans to resume Swiss listed securities in the UK after British and Swiss mutual recognition is implemented.
Britain will do little to allow Swiss shares to trade to overcome the exodus of EU shares after Brexit. London’s three largest locations handling European shares saw almost all trading in the European Union on the first day of trading, when the UK completed its exit from the block on 31 December.
Read more: Brexit push most UK stock trading off top UK spot
Alsadier Haynes, CEO of Aquis Exchange plc, told Bloomberg TV on 4 January that 99.6% of European stock trading moved to its parallel location in Paris. Cboe Europe saw a 90% turnaround at its Amsterdam venue, while 92% of such trades on the London Stock Exchange Group plc’s turquoise platform took place until 3am in London on 4 January, the first day of trading after Brexit. According to data from Cboe Global Markets Inc., the moves represent approximately 4.6 billion euros ($ 5.6 billion) of trades.
a Led the political line The Swiss Stock Exchange is losing EU recognition in 2019, a move Britain had to follow while still a member of the bloc. Brexit has now relieved those barriers.
London’s dominance as an investment-management hub is also uncertain. The European Commission is studying how to earmark EU-based funds to manage portfolios to investors outside the block. While a ban on delegation is unlikely, Brussels can make it more expensive to manage funds from third party countries such as the UK by increasing compliance and governance obligations.
Britain and the European Union have agreed to draft a memorandum of understanding around the regulation of financial markets by March, an agreement that would complement the broader Christmas Eve trade agreement, but which would not be legally binding. An agreement will still help establish a framework to provide equal access to each other’s markets, as well as appropriate consultation on forecasting rules and any decision to withdraw access.
– with help by Tom Metcalf
(The first reporting story in the second paragraph, updated with FT.)