Two leading European Union regulators have indicated they are already working on rules designed to prevent financial firms with large UK operations from obtaining EU licences while maintaining most of their actual presence in London after the likely departure of the UK from the single market in March 2019.
“There would be the risk of having letterbox entities or not sufficiently substantive entities in the EU27, and then [firms could] on the basis of outsourcing and delegation keep most of the
- Fund-linked structured products face extinction under FRTB
- China Minsheng and SocGen team up for quant index product
- People moves: Barclays’ investment bank chief exits, Citi president to retire, Vos promoted at BNY Mellon, and more
- Banks rethink fund-linked trades ahead of FRTB
- Lack of buy-side repo backstop a concern – Citi repo head