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London - a Paris subsidiary?

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By (user no longer on site) OP   
over a year ago

The City is holding out little hope that coming discussions on financial services between Brussels and London will yield much of substance.

The two sides have committed to trying to find an accord by the end of March. Some firms have decided not to wait: investment bank Numis announced this week that it would open an EU office within 12 months.

Leonard Ng, a partner at law firm Sidley Austin in London, said banks and fund managers may wait only a short period before moving on.

“If equivalence isn’t granted in the next three-six months, things will get settled and then banks won’t want to change back,” he said.

He added that the UK could strike out on its own path without equivalence. “But there’s no point in having better infrastructure if you don’t have clients,” he said.

“One can imagine that in 10 years London will be a subsidiary of Paris, not the other way around. Banks will want to locate as much as they can of central costs in the holding company to take advantage of economies of scale. I am not being pessimistic, I am being realistic,” he said.

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By *mmabluTV/TS
over a year ago

upton wirral


"The City is holding out little hope that coming discussions on financial services between Brussels and London will yield much of substance.

The two sides have committed to trying to find an accord by the end of March. Some firms have decided not to wait: investment bank Numis announced this week that it would open an EU office within 12 months.

Leonard Ng, a partner at law firm Sidley Austin in London, said banks and fund managers may wait only a short period before moving on.

“If equivalence isn’t granted in the next three-six months, things will get settled and then banks won’t want to change back,” he said.

He added that the UK could strike out on its own path without equivalence. “But there’s no point in having better infrastructure if you don’t have clients,” he said.

“One can imagine that in 10 years London will be a subsidiary of Paris, not the other way around. Banks will want to locate as much as they can of central costs in the holding company to take advantage of economies of scale. I am not being pessimistic, I am being realistic,” he said.

"
We are talking about the French here no competition they allways lose exept at football

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By *oldswarriorMan
over a year ago

Falkirk


"The City is holding out little hope that coming discussions on financial services between Brussels and London will yield much of substance.

The two sides have committed to trying to find an accord by the end of March. Some firms have decided not to wait: investment bank Numis announced this week that it would open an EU office within 12 months.

Leonard Ng, a partner at law firm Sidley Austin in London, said banks and fund managers may wait only a short period before moving on.

“If equivalence isn’t granted in the next three-six months, things will get settled and then banks won’t want to change back,” he said.

He added that the UK could strike out on its own path without equivalence. “But there’s no point in having better infrastructure if you don’t have clients,” he said.

“One can imagine that in 10 years London will be a subsidiary of Paris, not the other way around. Banks will want to locate as much as they can of central costs in the holding company to take advantage of economies of scale. I am not being pessimistic, I am being realistic,” he said.

"

Yawn NEXT

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By *uliaChrisCouple
over a year ago

westerham

It's mainly about London firms trying to negotiate cheaper rents with vague threats about what isn't going to happen in ten years.

So naive.

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By *or Fox SakeCouple
over a year ago

Thornaby


"The City is holding out little hope that coming discussions on financial services between Brussels and London will yield much of substance.

The two sides have committed to trying to find an accord by the end of March. Some firms have decided not to wait: investment bank Numis announced this week that it would open an EU office within 12 months.

Leonard Ng, a partner at law firm Sidley Austin in London, said banks and fund managers may wait only a short period before moving on.

“If equivalence isn’t granted in the next three-six months, things will get settled and then banks won’t want to change back,” he said.

He added that the UK could strike out on its own path without equivalence. “But there’s no point in having better infrastructure if you don’t have clients,” he said.

“One can imagine that in 10 years London will be a subsidiary of Paris, not the other way around. Banks will want to locate as much as they can of central costs in the holding company to take advantage of economies of scale. I am not being pessimistic, I am being realistic,” he said.

We are talking about the French here no competition they allways lose exept at football"

Nice bit of cheap stereotyping.

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By *heBirminghamWeekendMan
over a year ago

here

For balance, "The EU is struggling to poach the City’s business" - a piece written by John Keiger is worth a read.

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By *ercuryMan
over a year ago

Grantham


"For balance, "The EU is struggling to poach the City’s business" - a piece written by John Keiger is worth a read.

"

The global financial world will soon revolve around New York, Hong Kong and London.

The EU will major on Amsterdam, which will royally piss off Macron and Merkel.

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