Finalyse - Composing Solutions for Finance

Finalyse Monitors Brexit Consequences for the Financial Industry

Finalyse - Composing solutions for Finance

Finalyse participated in a day of discussions on Brexit & European Financial Markets with industry representatives and policy makers at the 8th Bruges European Economic Business Conference. Commission vice president Valdis Dombrovskis opened the event where representatives from major banks and insurance companies, supervisory authorities and academics analysed the challenges that Brexit poses for global banking, global insurance and capital markets.

The panelists agreed that the Brexit negotiations are uncertain and driven by politics, but that the result will be a mere trade deal without passporting. Many market participants are worried about the access to FinTech & innovation and the completion of the Capital Markets Union (CMU) without the driving market-oriented UK. Concerning the relocation of banks, it is more likely that the market will spread and become fragmented rather than forming a new EU financial centre.

Should no deal be reached by March 2019, a disorderly exit will take place without legal clarity for the financial services sector. Banks are planning based on this worst case scenario and invest large amounts in lobbying against a hard Brexit and an insufficient equivalence regime.

No deal or far-reaching free trade agreement – in the end, either way, the UK will remain the EU’s neighbour and has to comply with international standards. Check out the conference tweets with the hashtag #8BEBC! 

Category: Group News

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