How the City wants to work around the Brexit

Chronic markets. For the City, even if an agreement is reached in the coming days, the Brexit is a case particularly poorly engaged. The financial centre london has long fought to stay in the european Union. Having lost, he fought to stay in the single market. Having lost again, he was asked to keep a regulatory alignment. But the first british minister, Theresa May, the disowned, by presenting in July its official plan for the post-Brexit : she asks to stay on the european regulations for goods, not for services.

So far, there was little panic among the financiers of london. The departures of bankers, insurers and asset managers are in the few thousands of people and will perhaps in a few tens of thousands by march 2019, the date of the entry into force of Brexit. There is hardly a scratch. The large institutions do not hide their pessimism, but they prefer to wait, waiting to see more clearly.

This may seem surprising. With the Brexit, the City loses two essential things. It will not be able to sell its financial products across the EU : it is the loss of the famous ” passport “. The second problem is more complicated and relates to financial regulation : the financial centre is concerned to see Brussels impose its rules. Eventually, his nightmare would be to find himself in a position of vassal, bound to obey without having the capacity to influence discussions.

Go to the top of the EU

At a great conference at the London School of Economics last month, Paul Tucker, former deputy governor of the Bank of England, has given the keys of the phlegm present. In a tone of placid, the British in the face of a cherub has learnedly explained that it is very easy to get around the EU : just pass it over.

The most important financial regulations are determined in…

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