The City and the €

colsten

Thrugelmir said:

Reaper said:

bobk75 said:

Hi

I have no idea where to appropriately post this question so forgive me, I'm out of my depth here.

This started with a post about the EU :

"I am wondering if the City is unwinding all its contracts and business with EU banks and financial institutions in readiness for when the Euro collapses. Leaving other stakeholders to hold the risk. The City doesn't seem to be trying very hard to defend the losses it seems to be making or fighting for equivalence. This seems to be happening quietly and systematically. ”

So what happened because he failed to negotiate equivalence? On day 1 of Brexit £5bn of share trading switched from the UK to EU banks. Now Amsterdam has now overtaken London as the continent's biggest share trading centre.

Perhaps the EU had to wish to do so.  There's two parties involved. 

I distinctly remember "they need us more than we need them", that "on the day we leave, we will hold all the cards" and that "a deal with the EU will be the easiest in history". So surely the EU will do as they are told, any day now, yes?

steampowered

bobk75 said:

"I am wondering if the City is unwinding all its contracts and business with EU banks and financial institutions in readiness for when the Euro collapses. Leaving other stakeholders to hold the risk. The City doesn't seem to be trying very hard to defend the losses it seems to be making or fighting for equivalence. This seems to be happening quietly and systematically. ”

It's just total nonsense spouted by someone who feels strongly about a political issue, and has let their extreme views on that issue take over their faculties.

If you believe this, I have some shares in snake oil I would like to sell you.

Note the total absence of facts, data or even a proper explanation. 

steampowered

Thrugelmir said:

Perhaps the EU had to wish to do so.  There's two parties involved. 

Two parties involved?

The EU is not "one party". The EU as an institution is something very different from its member states. Financial regulation generally sits within the member states - it is not the same in Germany as it in the Netherlands. 

Thrugelmir

steampowered said:

Thrugelmir said:

Perhaps the EU had to wish to do so.  There's two parties involved. 

Two parties involved?

The EU is not "one party". The EU as an institution is something very different from its member states. Financial regulation generally sits within the member states - it is not the same in Germany as it in the Netherlands. 

The UK negotiated with the EU. That's two parties. 

Thrugelmir

colsten said:

Thrugelmir said:

Reaper said:

bobk75 said:

Hi

I have no idea where to appropriately post this question so forgive me, I'm out of my depth here.

This started with a post about the EU :

"I am wondering if the City is unwinding all its contracts and business with EU banks and financial institutions in readiness for when the Euro collapses. Leaving other stakeholders to hold the risk. The City doesn't seem to be trying very hard to defend the losses it seems to be making or fighting for equivalence. This seems to be happening quietly and systematically. ”

So what happened because he failed to negotiate equivalence? On day 1 of Brexit £5bn of share trading switched from the UK to EU banks. Now Amsterdam has now overtaken London as the continent's biggest share trading centre.

Perhaps the EU had to wish to do so.  There's two parties involved. 

I distinctly remember "they need us more than we need them", that "on the day we leave, we will hold all the cards" and that "a deal with the EU will be the easiest in history". So surely the EU will do as they are told, any day now, yes?

A quote taken out of context I'd suggest with regards to this particular discussion.  

[Deleted User]

What puzzles some who read claims that the € is doomed, unworkable or -at best - in crisis is: How come it's worth more now than when it started? 

AlanP_2

Thrugelmir said:

colsten said:

Thrugelmir said:

Reaper said:

bobk75 said:

Hi

I have no idea where to appropriately post this question so forgive me, I'm out of my depth here.

This started with a post about the EU :

"I am wondering if the City is unwinding all its contracts and business with EU banks and financial institutions in readiness for when the Euro collapses. Leaving other stakeholders to hold the risk. The City doesn't seem to be trying very hard to defend the losses it seems to be making or fighting for equivalence. This seems to be happening quietly and systematically. ”

So what happened because he failed to negotiate equivalence? On day 1 of Brexit £5bn of share trading switched from the UK to EU banks. Now Amsterdam has now overtaken London as the continent's biggest share trading centre.

Perhaps the EU had to wish to do so.  There's two parties involved. 

I distinctly remember "they need us more than we need them", that "on the day we leave, we will hold all the cards" and that "a deal with the EU will be the easiest in history". So surely the EU will do as they are told, any day now, yes?

A quote taken out of context I'd suggest with regards to this particular discussion.  

That could be correct in this instance, but there does seem to be an overwhelming tendency for every pro Brexit quote to be treated as "out of context" by Brexit defenders, almost as if " now we are not in the EU" isn't Brexit somehow - weird.

Thrugelmir

AlanP_2 said:

Thrugelmir said:

colsten said:

Thrugelmir said:

Reaper said:

bobk75 said:

Hi

I have no idea where to appropriately post this question so forgive me, I'm out of my depth here.

This started with a post about the EU :

"I am wondering if the City is unwinding all its contracts and business with EU banks and financial institutions in readiness for when the Euro collapses. Leaving other stakeholders to hold the risk. The City doesn't seem to be trying very hard to defend the losses it seems to be making or fighting for equivalence. This seems to be happening quietly and systematically. ”

So what happened because he failed to negotiate equivalence? On day 1 of Brexit £5bn of share trading switched from the UK to EU banks. Now Amsterdam has now overtaken London as the continent's biggest share trading centre.

Perhaps the EU had to wish to do so.  There's two parties involved. 

I distinctly remember "they need us more than we need them", that "on the day we leave, we will hold all the cards" and that "a deal with the EU will be the easiest in history". So surely the EU will do as they are told, any day now, yes?

A quote taken out of context I'd suggest with regards to this particular discussion.  

That could be correct in this instance, but there does seem to be an overwhelming tendency for every pro Brexit quote to be treated as "out of context" by Brexit defenders, almost as if " now we are not in the EU" isn't Brexit somehow - weird.

Not defending Brexit. In the past have had a personal insight into the thinking that prevails within Brussels with regards to another sector of UK industry. Took some heavyweight industry figures across Europe to kick the issue into touch. At least temporarily.  As will never change the mindset of those involved politically rather than having commercial considerations. .