Meanwhile, not being groundhog day at all, another pillar or Project Fear bites the dust.
As I said in a post a while ago, there was absolutely no reason why London could not continue providing finance and clearing Euro trades as a third county. I posted the links, I laid it all out simply. But that was me not understanding the situation or "project hope" for Brexit which is, apparently, foolish.
So, today, the EU clears UK banks to continue
clearing Euro trades as a third country.
I did say it at the time but apparently it didn't sink in. The regulations for third country trading are that the third country apply EU rules in their banking. What rules are our banking carried out under? Hmm, let me think. Oh, yes, got it, EU rules..... No Brainer.
From the Article
The European Securities and Markets Authority (ESMA) said the decision to allow LCH Limited, ICE Clear Europe and LME Clear to continue operating was to limit disruption and avoid potentially negative impacts on financial market stability.
Yep I said that too. I said that their businesses relied on London and without London they would be in Serious trouble.
The recognition of the clearing houses as so-called “third-country central counterparties” under the EU’s European Market Infrastructure Regulation (EMIR), would come into effect on the day after Britain leaves the bloc, ESMA said in a statement.
I said that too, that we would carry on under EMIR rules. It was certain and people like Junkers were talking bollocks.
And here is the kicker...
The move, which had been expected after a draft decision in December, follows efforts by EU rival Deutsche Boerse to woo clients to its clearing house, Eurex
Yep DBourse and Eurex are noddy operations who only deal in Euro. London is the big league. Strange that allt hat business didn't move even with the threat of being cut off...
The UK parliament is constantly under fire for being unprepared, no planning, unable to deliver. Is it any wonder when the people they are trying to negotiate with are lying their asses off??