Let's see how much of it is able to move, because that cost will have to be borne by these EU markets and EU companies, which would mean companies either bearing the high costs & passing them along to their operations or moving assets to ensure they continue access to UK markets outside the regulatory compliance scope.In the aftermath of the Second World War, intellectual and political leaders from around the world came together and founded what is now known as the World Federalist Movement. Sure Paris and Frankfurt have been able to get some pieces, but market forces are still keeping clearing in London to the extent that the Commission, ECB and ESMA need to rely on regulatory compliance to get markets to move. Based on experience of migration so far, the Commission, ECB and ESMA will need to rely less on market voluntarism and more on regulatory compliance. To increase available European capital and reduce those costs, the EU would have to force companies to clear swaps and other derivatives in the EU, which would effectively create the market. Those limits are likely to subside as the significant transaction costs of transferring clearing from London diminish. It built up significant clearing and settlement services Paris lacked, and capitalized on its reputation for banking, but EU companies continued to do their clearing business in London, demonstrating the current limits of mercantilist strategy. Frankfurt remained well-situated but less diversified. This worked well in a context of companies gravitating to different locations with specific advantages. Paris successfully acquired a network of subsidiaries dispersed throughout the EEA supported by ICT rather than attempt to establish itself as a single financial centre. This map is interactive! More locations »įrom one of the journal articles you linked.Related Subreddits SubredditĬasual conversations focused around Europe.įlag of Ukraine with the EU flag stars, in solidarity with Ukraine.īy u/Sjamsjon Some local European subreddits During the week, please use /r/CasualEurope instead. Non-OC photograph posts are only allowed on weekends. Interested in doing an AMA? Know someone who is? Message the mods! Rules on photo posts
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