Remerciements les plus sincères de la France

[UrsulavonderLeyen]

www.theguardian.com/politics/2021/jan/20/brexit-has-driven-2500-finance-jobs-and-170bn-to-france-says-bank-governor

Teething troubles, I presume.😂😂😂😂😢😢😢

would that be teething troubles as in have had all your front teeth knocked out by a blow in the mouth with a baseball bat? beginning to feel like that...

Someone is trying to put them off.

Nov 2020 -
A warning to bankers about life in Paris.

I'm a banker who works for a leading French bank in Paris. I've have been here for over a decade and I feel it is my duty to warn London bankers who think Paris is a dream world of chansons and baguettes that life here is not like that. Personally, I would do almost anything to get out.

When bankers talk about Paris, they complain about taxes. I'm a banker in Paris, but taxes are only one of my many problems here...

So, if you're asked to go to Paris, move with your eyes open. Or, preferably, I would say don't move at all - once you're in France, it's almost impossible to get out. Resist! Resist before it's too late!

Ivanna Bélanger is the pseudonym of a senior employee at a French bank in Paris.

www.efinancialcareers.co.uk/news/2018/10/paris-lifestyle-warning-bankers

I'd rather they went to Ireland but I'm pretty sure a big city is a big city. Better to be in one that's inside the EU tent than one that's way outside.

So where will US industries site themselves for easy EU lobbying access ?

Paris might have an edge over somewhere in Germany.

So one person doesn't like living in Paris. Therefore, no banker should like living in Paris.

DGR - Ireland for a starter, given that many Americans have Irish roots, and they speak English, or Germany, given that many other Americans have German roots and many Germans speak good English.

@Peregrina

DGR - Ireland for a starter, given that many Americans have Irish roots, and they speak English, or Germany, given that many other Americans have German roots and many Germans speak good English.

Our chum PhilMoorehouse felt that Ireland wouldn't be a choice - it has less clout inside the EU (simple mass of numbers really). Hence France or Germany seemed preferable. Although this is really arguing over the Shawian price here. Why is London no longer in the running ? Because it is a massive waste of resources to put important people where they can do fuck all good.

Waste of time any international company setting up in the UK if they wish to have access to the regulatory mechanisms of the EU. Total lunacy. Why ? Because the UK government no longer has any influence over them.

I'd say Paris definitely has an edge over Frankfurt. Perhaps if the banking industry in Germany was centred in Berlin it would be different but as far as I know only Deutsche Bank has operations in Berlin. Americans have a thing for Paris, there's a certain glamour about it. Also, if you love with a family, there's the spouse's preference to take into account. Probably much easier to get a yes for Paris. There are also many international schools there and in the Paris area- many more than in Frankfurt.
Yes, brexshit is shit...

*meant to say if you MOVE with a family....

@Peregrina

DGR - Ireland for a starter, given that many Americans have Irish roots, and they speak English, or Germany, given that many other Americans have German roots and many Germans speak good English.

Not so sure about that. No disrespect to Ireland, but they just won't/don't have the clout that France/Germany have in EU decision making.

I think this is probably the bit of Brexit that will and was more under the radar than mere trade. It's the fact the UK has given up it's place at the table where enormous regulatory discussions take place. Why would any international company waste time talking to the UK government about EU regulations it can no longer influence. Bearing in mind the fact that a growing market of 450 million will always be more attractive than a shrinking market of 65 million.

Similarly the Brexiters wet dreams of a revitalised (White) Commonwealth have not realised anything. Why on earth should Australia and NZ (especially) wish to do more trade with the UK when there are rapidly growing Asian Markets much nearer to them?

@Peregrina

Similarly the Brexiters wet dreams of a revitalised (White) Commonwealth have not realised anything. Why on earth should Australia and NZ (especially) wish to do more trade with the UK when there are rapidly growing Asian Markets much nearer to them?

Australia has already told the UK it's not interested. Seems they've had their fill of low quality Brits. (Although well done to them for managing to give Tony "where's he ?" Abbott back).

Surely what COVID has taught us is that finance type jobs can be done from ANYWHERE
within the correct regulatory country
so the Financiers could live in Provence and operate through the French Markets
or the Algarve and operate through Germany

what they CANNOT do is work from inside the UK

Merci encore !

www.thelondoneconomic.com/business-economics/moodys-pass-judgement-on-johnsons-trade-deal-skewed-in-the-eus-favour/26/01/

Peregrina
Why on earth should Australia and NZ (especially) wish to do more trade with the UK when there are rapidly growing Asian Markets much nearer to them?

Yesterday -
The UK is reportedly just weeks away from closing a free trade deal with New Zealand that will see tariffs slashed on wine, gin and cars.

The third formal round of trade talks begin today [25 Jan 2021] with UK negotiators confident the terms of the deal can be agreed before Easter.

www.cityam.com/uk-set-to-wrap-up-new-zealand-trade-deal-before-easter/

DGRossetti
Australia has already told the UK it's not interested.

13 December 2020 -
LONDON (Reuters) - Britain’s trade talks with Australia are advancing well;

www.reuters.com/article/uk-britain-australia-trade-idUKKBN28N0VU?edition-redirect=uk

UrsulavonderLeyen
Merci encore!

Don't panic - another Moody's report here (September 2016);

Hard Brexit' would have only modest impact on City, says Moody's.

Fears that the UK would see a mass exodus of banks in the event of a “hard Brexit” have been downplayed by one of the world’s three big rating agencies in a report that says the impact on the City would be modest and manageable.

www.theguardian.com/business/2016/sep/19/hard-brexit-would-have-only-modest-impact-on-city-says-moodys

Who knew about data cables?

Almost one month into 2021 and we are no closer to negotiating a deal with the EU over the future relationship between the UK and European financial markets. ...

One short sighted opinion from across the Channel is the supposition that the European Union’s hopes of bringing London’s financial markets sector to the mainland is as easy as taking business from London to Europe.

It is not that simple, as it would be impinged by approximately 8,000 miles of fibre optic cables which emerge from the seas around the UK at locations such as Crooklets Beach and Sennen Cove in Cornwall, and Highbridge in Somerset.

These cables carry data not only across the UK but to its continental neighbours, and whilst the European Central Bank is correct in suggesting that the majority of Europe’s critical infrastructure for trading FX, as well as shares and derivatives, is clustered in a 30-mile radius around the City of London, and that regardless of the UK’s future, some of the industry’s biggest data centre operators, which host banks and high-frequency traders’ IT equipment, have announced capacity increases this year to cope with rising demand from investors in both Asia and the US, the real reason is not just infrastructural, it is really around why that level of infrastructure exists only in Britain and not elsewhere in Europe.

Britain’s interbank sector is responsible for 49% of all global FX order flow at Tier 1 level, and consists of British and international banks based in London, marking out London as a true free market, with no controls on which banks and non-bank entities (Thomson Reuters, Currenex, Hotspot all have centres in London) operate there, yet that is the de facto centre for electronic trading and always will be.

Add to this the matter that the vast majority of FX clearing for the global markets is conducted by LCH.Clearnet in London and that the talent base for the world’s capital markets industry resides in the UK, it is not as cut and dry as the politicians may make out.

financefeeds.com/eu-sets-position/

The UK is reportedly just weeks away from closing a free trade deal with New Zealand that will see tariffs slashed on wine, gin and cars.

Tariffs are an increasingly irrelevant part of trade though
as the chaos at the Channel is proving