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UK tipped to take lead on consolidated tape provision

UK tipped to take lead on consolidated tape provision
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Brexit: Financial services will thrive on the world stage with access to rich foreign markets

whatsapp Financial services will thrive on the world stage with access to rich foreign markets, writes Rachel Kent. Something has changed in financial services.  The events of the last week have put this beyond doubt. In the aftermath of the Brexit referendum, we were focused on designing a deep and comprehensive relationship with the EU based on alignment. When that was rejected, we hoped for the significantly less comprehensive equivalence determinations. As the Chancellor pointed out, clearly, on Thursday, “that has not happened”.  At the same time as we continually try to strengthen our ties with the EU following our “long history of co-operation”, we will now also need to look further afield. We will deepen regulatory co-operation with our close allies, the US, to whom we already export $28bn of financial services per year, and we will need a mature and balanced relationship with China and its £40tn market. India and Brazil are also in our eyeline. 

Big Bang UK market rules need refresh to keep City competitive, says think tank

Huw Jones 2 minute read A general view of the Canary Wharf financial district in London, Britain April 25, 2021. Picture taken April 25 with a drone. REUTERS/Kevin Coombs LONDON, July 8 (Reuters) - Britain s big bang -era financial rules need a refresh to show the world that the City of London is open to business after Brexit ended access to the European Union, a think-tank report said on Thursday. The Overseas Person Exclusion (OPE) rules were introduced in 1986 as part of wholesale market liberalisation that helped the City become a global financial powerhouse. One of the most liberal market access regimes in the world, it allows financial firms based abroad to serve customers in Britain without authorisation or a base in the country.

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