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Europe wants significant financial services provided to European companies and individuals to take place within the EU; just like the US, Russia, etc... Nothing

Europe wants significant financial services provided to European companies and individuals to take place within the EU; just like the US, Russia, etc... Nothing new here, this is exactly why the banks are going along with it. If you want to provide financial services within the EU you need to have an office within the EU and conform to EU regulations; not really that surprising or fanatical.

zigzigzag 10y ago
US, Russia, Asia don't care. London does clearing and derivatives work in dollar, renminbi etc without any of those countries having problems with it. If you check, you'll find it's only the EU that has a hangup about the physical location in which euro-denominated transactions occur.
seren 10y ago
On a not so related topic, the European Medecines Agency has its headquarter in London. I am not sure they are planning anything but it would be weird if a regulatory agency was working from outside of the area they are regulating.
- johansch 10y ago
  The European Police College (CEPOL) left the UK for Hungary in 2014. Perhaps the detectives deduced that UK would leave EU? https://www.cepol.europa.eu/media/news/european-police-college-bids-farewell-united-kingdom https://www.cepol.europa.eu/media/news/european-police-colle...
- CydeWeys 10y ago
  It seems inevitable that they'll move then. They're probably just delaying for now on the slim hope that Brexit doesn't happen. It'd make about as much sense as if the EPA were located in London.
- kgwgk 10y ago
  There are many places in the EU that would like to be a new home for the EMA. See for example http://www.politico.eu/article/brexit-may-prove-irelands-lucky-break/ http://www.politico.eu/article/brexit-may-prove-irelands-luc... In the meantime, some people may decide to look for another job before being transfered god knows where... https://www.ft.com/content/2ca416ba-c8f8-11e6-8f29-9445cac8966f https://www.ft.com/content/2ca416ba-c8f8-11e6-8f29-9445cac89...

zigzigzag 10y ago

US, Russia, Asia don't care. London does clearing and derivatives work in dollar, renminbi etc without any of those countries having problems with it. If you check, you'll find it's only the EU that has a hangup about the physical location in which euro-denominated transactions occur.

seren 10y ago

On a not so related topic, the European Medecines Agency has its headquarter in London. I am not sure they are planning anything but it would be weird if a regulatory agency was working from outside of the area they are regulating.

johansch 10y ago
The European Police College (CEPOL) left the UK for Hungary in 2014. Perhaps the detectives deduced that UK would leave EU? https://www.cepol.europa.eu/media/news/european-police-college-bids-farewell-united-kingdom https://www.cepol.europa.eu/media/news/european-police-colle...
CydeWeys 10y ago
It seems inevitable that they'll move then. They're probably just delaying for now on the slim hope that Brexit doesn't happen. It'd make about as much sense as if the EPA were located in London.
kgwgk 10y ago
There are many places in the EU that would like to be a new home for the EMA. See for example http://www.politico.eu/article/brexit-may-prove-irelands-lucky-break/ http://www.politico.eu/article/brexit-may-prove-irelands-luc... In the meantime, some people may decide to look for another job before being transfered god knows where... https://www.ft.com/content/2ca416ba-c8f8-11e6-8f29-9445cac8966f https://www.ft.com/content/2ca416ba-c8f8-11e6-8f29-9445cac89...