• EU to move Banking authority away from London UK basically fucked
    23 replies, posted
[QUOTE]Coming a day after Britain's Jonathan Hill resigned and was replaced as EU financial services chief by the Commission's "Mr. Euro" Valdis Dombrovskis, the move underlines how the City of London can expect to be frozen out of EU financial regulation -- and possibly from Europe's capital markets -- depending on the terms of Brexit. While those who argued for Britain to leave the EU said the financial industry would thrive without EU shackles, some of its biggest employers including JPMorgan (JPM.N) are scouring Europe to find new locations for their traders, bankers and financial licenses. The EBA, whose 159 London employees write and coordinate banking rules across the bloc, is expected to be relocated "soon", two EU officials told Reuters. [/QUOTE] [url]http://www.reuters.com/article/us-britain-eu-finance-idUSKCN0ZC152[/url] Tl;dr More lies, less money and more UK implosion. Banking sector will be relocated to either Paris or Frankfurt
[QUOTE]...depending on the terms of Brexit.[/QUOTE]
[QUOTE=Boilrig;50605281][/QUOTE] As if the EU would keep their financial capital outside of the EU. The only way it won't be pushed to Frankfurt or some other area is if the UK re-enters, which hardly seems likely at this point. It'd be like having Toronto be the financial capital of the US.
[QUOTE=Boilrig;50605281][/QUOTE] You expect them to keep it there?
Predictable, and likely to be a huge economic blow. Nice going, UK.
[QUOTE=Big Dumb American;50605311]Predictable, and likely to be a huge economic blow. Nice going, UK.[/QUOTE] I'm still in shock that people can be this stupid.
[QUOTE=Boilrig;50605281][/QUOTE] [QUOTE] EBA chairman Andrea Enria said before Thursday's referendum that the watchdog, founded in 2011 to improve regulation after the global financial crisis, would have to move if Britain chose to leave.[/QUOTE]
Part of me would really like to see London, Scotland, NI and Gibraltar stay in the EU... somehow, and part of the United Kingdom, though I'm not entirely sure how that would work. I guess people in Manchester, Cambridge, Oxford, Bristol, Brighton might then be quite annoyed however...
[QUOTE=Big Dumb American;50605311]Predictable, and likely to be a huge economic blow. Nice going, UK.[/QUOTE] Oh no, no, It's fine I'm sure, just as soon as we kick Johnny foreigner out I just know that all our problems will be over now that the EU isn't telling us what to do and making us accept all these laws and brush our teeth and go to bed early and other things Hitler literally did. Now we can go back to the Good Old Days before the EU, that wonderful post war era where absolutely nothing was wrong and men could beat up coffee skinned pakis in the street as was their god given right. That'll teach them to literally steal our jobs that were guaranteed to us and nobody else beforehand. Ok massive amounts of salt aside I sincerely hope that this is something that goes down in the history books as one of those big "Uh-Ohs" that kids have to learn so they don't grow up and ruin someones life because of terrible decisions they made.
Start buying those bank bond's boys and girls!
[QUOTE=thisguy123;50605381]Ok massive amounts of salt aside I sincerely hope that this is something that goes down in the history books as one of those big "Uh-Ohs" that kids have to learn so they don't grow up and ruin someones life because of terrible decisions they made.[/QUOTE] Yeah if there's a cautionary tale about leaving the EU this is it. If a country that was considered one of the economic powerhouses of the EU is getting so fucked by leaving, then imagine smaller countries. I mean hell Nazi Germany was a cautionary tale about letting a country be swept by chauvinism but no one seems to remember that because chauvinism was one of the reasons Leave won.
Oh good, just as I was considering a move to the financial sector of Software Can I come too? :)
And this is why Brexit should have been carried out over a decade or so. Great job being hasty with something that probably shouldn't happen in the first place.
[QUOTE=TestECull;50606425]And this is why Brexit should have been carried out over a decade or so. Great job being hasty with something that probably shouldn't happen in the first place.[/QUOTE] It's still going to take a very long time before Britain leaves the EU, and that's when they are planning on leaving. The referendum isn't legally binding so this whole thing might just go away in a few months.
Its looking more and more like im grabbing my masters and moving out the country next year.
[QUOTE=FalconKrunch;50606547]It's still going to take a very long time before Britain leaves the EU, and that's when they are planning on leaving. The referendum isn't legally binding so this whole thing might just go away in a few months.[/QUOTE]The EU is pressing uk to decide to stay in or leave which is fair their on the fence bullshit is hurting everyone.
[QUOTE=Big Dumb American;50605311]Predictable, and likely to be a huge economic blow. Nice going, UK.[/QUOTE] Hey I voted remain :(
I'm completely astounded that this even happened. I heard UK's conservatives were like US's democrats, but leaving the EU is like Texas levels of conservative decision making. Is there a quick undo button?
[QUOTE=Big Dumb American;50605311]Predictable, and likely to be a huge economic blow. Nice going, UK.[/QUOTE] This is 'just' the physical banking authority as far as I can tell, so I'm pretty sure it doesn't actually matter where it is except for prestige reasons and those 159 jobs. It's probably going to hurt them anyway, since the EU won't take (anywhere near as much) care not to step on the UK's toes when deciding fiscal policies. [editline]28th June 2016[/editline] A lot of private banks will have to move at least some of their operations though, or they likely won't stay competitive for the European market.
You know what would be positively fucking hysterical? Scotland leaving the UK, staying in the EU, and the banks just moving to scotland since they could just keep most of the laws making the UK appealing to the banks in the first place. That would be like a quadruple fuck you punch to London.
[QUOTE=Naelstrom;50607156]I'm completely astounded that this even happened. I heard UK's conservatives were like US's democrats, but leaving the EU is like Texas levels of conservative decision making. Is there a quick undo button?[/QUOTE] Well, that was true before UKIP. UKIP's more or less like Trump on the political spectrum, just with more sophisticated-sounding leadership.
I know that Denmark has massive amounts of gold stored in UK banks. I guess it's buh-bye gold reserves, cause we'll be wanting them back now.
[QUOTE=Zephyrs;50607499]You know what would be positively fucking hysterical? Scotland leaving the UK, staying in the EU, and the banks just moving to scotland since they could just keep most of the laws making the UK appealing to the banks in the first place. That would be like a quadruple fuck you punch to London.[/QUOTE] Or London trying to keep the banks by seceding from the UK.
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