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Brussels intends to take away from the London evroklining

The European Commission has prepared a number of proposals for the introduction of new rules that can lead to the transfer of part of financial operations from London to the continent after Brexit. The speech was, in particular, about clearing of trade transactions in Euro.

15.Jun.17 11:50 AM
By Christina Orlina


Brussels intends to take away from the London evroklining
The proposals of Brussels, which should be considered by member countries of the EU, put forward in anticipation of the start of negotiations on the terms of a British exit from the European Union.

“We need to prepare for the release of the largest financial center of the EU single market, – said Vice-President of the European Commission Valdis Dombrovskis. – This means the adoption of measures to preserve financial stability and ensure certainty for business.”

Experts of the London stock exchange has previously estimated that the loss of evroklining the British capital will cost investors $ 100 billion euros over 5 years. Some analysts point out that such a step does not mean that this will automatically benefit Europe: “It's something like trying to get an extra trump card in political dispute, which will be in the coming months. Some of these clearing operations can actually move in the United States. The number of American companies already have the authority to conduct such operations in the EU. So maybe instead of having to go to the European Union, clearing can actually move in the United States.”

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