The Brexit Consequences Thread

It's all gone Pete Tong apparently:



"The decision is likely to be seen as a climbdown by EU chiefs, who have long resented Britain's dominance in clearing.

A power grab was launched shortly after the Brexit vote to try and force Continental firms to clear trades through hubs within the bloc, but this stalled when it became clear no other financial centre could handle the volume of activity done in the City.

Clearing houses such as LCH, ICE Clear Europe and LME Clear perform a vital role in greasing the wheels of international finance, standing between buyers and sellers to settle trades and ensure sellers get paid.

Access to London’s clearing houses for financial contracts such as swaps and futures is a key issue for European firms because the UK dominates the continent’s €735 trillion (£658 trillion) annual market. It was feared they could be denied access to crucial finance and face serious stability risks if frozen out."
 

JuniorBod

War Hero
It's all gone Pete Tong apparently:



"The decision is likely to be seen as a climbdown by EU chiefs, who have long resented Britain's dominance in clearing.

A power grab was launched shortly after the Brexit vote to try and force Continental firms to clear trades through hubs within the bloc, but this stalled when it became clear no other financial centre could handle the volume of activity done in the City.

Clearing houses such as LCH, ICE Clear Europe and LME Clear perform a vital role in greasing the wheels of international finance, standing between buyers and sellers to settle trades and ensure sellers get paid.

Access to London’s clearing houses for financial contracts such as swaps and futures is a key issue for European firms because the UK dominates the continent’s €735 trillion (£658 trillion) annual market. It was feared they could be denied access to crucial finance and face serious stability risks if frozen out."
and there was much weeping and wailing and gnashing of teeth....

:-D^_^^_^

JB
 
"The decision is likely to be seen as a climbdown by EU chiefs, who have long resented Britain's dominance in clearing.
I cannot say that it can be considered a climbdown. As it was never anything other than a threat, filled with bluff and bluster that was never going to go anywhere.

According to the threats from the EU. The UK would be frozen out of € derivative trading because it was no longer part of the EU :D :D

What the thick belters failed to understand was that the 5 biggest traders are

1. New York

2. Chicago.

3. The UK

4. Hong Kong

5. Singapore.

The last time I looked, none of them were part of the EU either :D:D

Another EU bluff bites the dust.
 
Hear, hear.
One thing Brussels is very good at is placing the onus of countering illicit trade - smuggled or counterfeit - on the manufacturers. Very heavy fines have been imposed on numerous companies by OLAF, for such breaches.
Put it this way, I made a very healthy living acting for companies trying to minimise their exposure to illicit trade.
It was never going to be stopped!
Add to that, the inability of Brussels to do ‘joined up’.
Say, X applied to company A to act as a licensee/ wholesaler of A’s products.
As required by OLAF, A then conducts due diligence on X, discovers X has a dodgy history, and turns them down.
X then comes back, in one case I’m thinking of within 24h, and says ‘if you continue to refuse me permission, I’ll have my lawyers on this faster than you can blink, citing EU anti-trust laws.’
A’s in-house and external lawyers look at the problem and say ‘Feck me, X is right. We don’t have a leg to stand on.’
X is licensed as a wholesaler, dodginess ensues, and A is severely fined by OLAF!
That's bit we in Customs never saw. Originally consignments were to be examined on a 10% basis. And no that didn't mean that ten percent of trucks were stopped it was per com code. People would never guess what was in an exam or how much writing was done. Truck number, Vessel, DTG full marks recorded, full count open prescribed number, full physical examination. return to office, Tariff consulted where necessary to confirm, and specific notes on exclusions/ inclusions. Failure could mean an interview sans tea for the agent and letters of explanation required. Moreover one couldn't write off the T form until that was resolved. That is going to have to be fully relearned.
 

Auld-Yin

ADC
Kit Reviewer
Book Reviewer
Reviews Editor

Strange how the media, led by the BBC and Guardian, trumpet the woes of the world when Boris decides not to take milk in his coffee and it is claimed to be a major U-turn, yet the EU make a huge sea change in attitude on finance and nothing, nada, nowt - or if it is reported then it is well buried!
 

Auld-Yin

ADC
Kit Reviewer
Book Reviewer
Reviews Editor
I cannot say that it can be considered a climbdown. As it was never anything other than a threat, filled with bluff and bluster that was never going to go anywhere.

According to the threats from the EU. The UK would be frozen out of € derivative trading because it was no longer part of the EU :D :D

What the thick belters failed to understand was that the 5 biggest traders are

1. New York

2. Chicago.

3. The UK

4. Hong Kong

5. Singapore.

The last time I looked, none of them were part of the EU either :D:D

Another EU bluff bites the dust.
But, the point is, they have publicly come out and announced this change in attitude. They could just have left it be and told the finance companies to crack on,. Instead they make an announcement which, to all extent, is a U-turn.
 
But, the point is, they have publicly come out and announced this change in attitude. They could just have left it be and told the finance companies to crack on,. Instead they make an announcement which, to all extent, is a U-turn.
The cynic in me says, even though it was a steaming pile of horse manure, which would never have got off the ground even if the EU tried to force the issue legally ( killing the EU in the process ) Just imagine the utter carnage it would cause the EU if the world's 5 largest € derivative trading platforms had to halt € trading due to Court proceedings.

It has been deliberately announced as a U - turn in order to attempt to have a stick to beat the UK with.

We have done a U - turn ( although they haven't ) How, what and where are you going to compromise.
 
10 - 15000 people croak from flu every year, and zero fcuks are given.

Suddenly, HMG are heartless bastrds allowing people to die.

That Boris...grrrr
Nearly 44000 "excess deaths" during winter 2014/2015.

I don't recall being put under house arrest during those dark days.

Not do I recall any of the anti-government hysteria we're currently experiencing.

"Boris Grrr".
 
It's all gone Pete Tong apparently:



"The decision is likely to be seen as a climbdown by EU chiefs, who have long resented Britain's dominance in clearing.

A power grab was launched shortly after the Brexit vote to try and force Continental firms to clear trades through hubs within the bloc, but this stalled when it became clear no other financial centre could handle the volume of activity done in the City.

Clearing houses such as LCH, ICE Clear Europe and LME Clear perform a vital role in greasing the wheels of international finance, standing between buyers and sellers to settle trades and ensure sellers get paid.

Access to London’s clearing houses for financial contracts such as swaps and futures is a key issue for European firms because the UK dominates the continent’s €735 trillion (£658 trillion) annual market. It was feared they could be denied access to crucial finance and face serious stability risks if frozen out."
But you see the Nuance- "Brussels will permit..... It has never been able to control it. If Governments require banks to make profit it needs to control. That is more the death knell of the EU than anything else. If it can't control it's own finances, it can't control anything. Juncker's statement that he didn't want more integration- just fewer Governments is both counter intuitive and nonsense. The Euro can survive as a currency of choice- so too can coffee beans but that really put's in to question the role of the ECB
 
Nearly 44000 "excess deaths" during winter 2014/2015.

I don't recall being put under house arrest during those dark days.

Not do I recall any of the anti-government hysteria we're currently experiencing.

"Boris Grrr".
I see the Libdems are rebranding themselves-looks like we could see another merger with the greens, wonder what murky colour comes out of a fusion of orange and Green.
 

civvy

Old-Salt
And there was me thinking that it was because the U.K. was saying it was safe to shake hands with covid patients while most of the rest of the world was saying don’t Shake hands with anyone.

Well you thought wrong. Take a guess at where most of UK's infections are coming from. (And it isn't China). Take a look at the demographics of tne places that are still having trouble with coronavirus. To get you started - Leicester, Bradford, Rochdale, Wrexham. Why Wrexham? I don't know, haven't been there for about 40 years. Do they have anything in common? I can't helpyou out as to do so is forbidden.

WTF has this got to do with Brexit consequences. Back on thread.

What do you think happens to the Irish economy:

When we impose import tariffs on Irish goods.

When we do a complete take down of all Irish vehicles transiting the UK in order to suppress the Irish illegal immigrant / dead body smuggling operations.

When we change our corpoation tax rule so it is no longer cost effective to export profits to the RoI.

Nver mind, your new bessies in France and Germany will see you alright. I mean, it isn't as if you hve peed them off with your corporation tax antics is it? And it isn't like you can hide behind big sister any more. Because big sister will be one of your fiercest competitors. You need to give Leo a big round of thanks for trying to weaponise the RoI / UK border.

Good luck
 

Truxx

LE
From a philosophical perspective where does a "climb down" end and a " u turn begin"?

I thing we need further clarification.
 
It's certainly a good thing for the City of London; we can only hope that car manufacturing sees things the same way...
Oh please. Car manufacturing is transitory, it goes where it wants when it wants like anything else. The control of finance is key to this. It’s what the financial crash was all about. If the pound could be killed, we’d be forced into the Euro. It failed, we’re far to resilient for that. Germany’s commitment to Europe was taking that on as price for reunification.
 

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