EU’s McGuinness Warns City of London ‘Change is Coming’ – Bloomberg
- Mairead McGuinnes, the European commissioner for financial services, said today that the EU does not have a fixed timeline for reaching an agreement on financial services.
- London lost more than EUR 6 billion in daily stock trades to EU venues on 4 January 2021, the first day of trading after Brexit.
- Derivatives traders are now routing trades through New York and avoiding the European continent altogether.
- The European Commission will first agree a Memorandum of Understanding in March on regulatory cooperation before granting access to the UK market.
- This equivalence process will determine how much investment banking and trading business can stay in London.
After Brexit, Ireland and France cut out the middleman – Britain – Reuters
- Irish traders are shipping goods directly to and from EU ports to avoid delays related to the UK.
- All ferry operators connecting Ireland and mainland Europe have increased ferry services and Cherbourg port is forecasted to only handle a quarter of the number of trucks this January, compared to last January.
