London post-brexit as a financial center

[GRULSTMRNN]

Yes every non biased network and human being that thinks with its brain and not dick between its legs concludes Brexit as being worse for the UK than staying in. Just because you disagree with someone or something does not make the other side biased.

Reuters is hugely biased against Brexit. Worse than the BBC. Just bear that in mind.

London's fortunate geographical position, rule of law and regulation and hundreds of years of know how means it will remain the largest financial centre on the planet.

 

[JSOP]

I couldn't disagree more. At the time of Merkel's Mistake (when she opened the borders to all the world's downtrodden) it looked like leaving was the right thing to do in order to preserve the UK's own culture and society, but since then Europe has found surprising backbone to keep third-world immigrants out - contrast with the USA where leading politicians talk of abolishing ICE.

Even now there is no clear benefit to Britain from leaving. "Unshackling business" by reducing regulations etc. is a canard, the UK is already #9 in the doing business index and fellow EU member Denmark is #3. "End to free movement" seems to mean taking a similar number of immigrants, but a larger proportion from third-world countries.

From what I have seen of the EU, it seems to do a great number of useful things while spending only a minimal amount of money (1-2% of GDP) and leaving individual countries to mostly set their own domestic policies. More or less like the pre-civil-war USA, which many libertarians, free-market and small-government types claim as the ideal.

EU isn't about letting too many migrants in anymore although that might be the rhetoric that convinced some to vote for Brexit but no EU's about subjecting free nations to give up their sovereignty and autonomous to autocracy all in the name of free market and economic efficiency especially when it's all unnecessary. Each member country of EU, to more or less of a degree operates with democracy with leaders that's elected by its own people governing them via laws most suitable for their own country's needs and for their own people's needs at least supposedly and yet these laws are all thrown out of the door and all those countries have to obey laws and regulations enacted by this EU, an organization that was never elected, voted for or in any way democratically selected by the people it governs or else face "consequences". Does that sound like a democratic system to you? Every single country in the EU is different and unique. Why does EU think the same law that's good for Belgium would necessarily be good for Estonia? If not, then why does Estonia has to be subject to the same law as Belgium just because it belongs to the EU? What if the law that applies to Cyrus is not adequate or is an overkill for Finland? You think it's still a good idea that Finland has to adopt the same EU law as Cyrus? It's by the same token UK is getting out. It's not going to watch its country going into pieces obeying laws imposed upon them by those EU bureaucrats that the UK people never voted for that doesn't adequately address the needs of its own people and govern its own people.

People are all complaining now because UK is just getting a raw deal. But all UK has to do is just to tough it out and have the guts to stick through its plan and it will be OK. At least it will get its own country back and will be free!!

 

[JSOP]

Yep would love to see all those happy unemployed UK auto workers without jobs because no American or European car manufacturer would base there nor would any Europeans buy those shit cars. Neither would there be any jobs on the current scale in finance in London. All European derivatives and bonds and stocks would be traded and settled in Europe. What would be left for the UK? Fishing, a bit of oil drilling and getting drunk?

Love all those EU naysayers who have been proven wrong for decades now Each time they call for the imminent collapse they are fucked deeply up the arse, and the EU reaches now heights. Good luck predicting time and again the demise of the EU. You make a horrible trader by constantly betting on the 10 standard deviation event.

Once UK is out of EU, it would be able to set its own wages, own tax rates, own everything and by that time, we will see how competitive UK's workforce can be comparing to that of the EU's. This is what EU is afraid of and that's why EU is trying to force this draft agreement down UK's throat to make UK to still obey EU's anti-competitive regulations on wages and tax rates and etc..

All the businesses around the world is interested in one thing and one thing only: bottom line profit!! They won't care if it's UK or the EU as long as one can do better and more efficiently than the other, they will go to that one. UK right now just needs a better negotiator than this lame Theresa May.

 

[Visaria]

Central Europe now has the perhaps best welfare and health care system in the world. The envy of the world. All that is financed and backed in a solid way.

It's financed by the UK. To the tune of £10 billion a year net contribution. After we leave, you can pay for it yourself. Let's see how that works out.

 

[TraDaToR]

You should be lucky if your British dealer is regulated by the FCA in UK. FCM is a NFA/CFTC term and is not really used in UK. The FCA is one of if not the best financial regulator in the world. If one of its regulated firms goes down, you are 100% guaranteed to get your money back and it is one of the most effective regulator that goes after financial crimes. Anybody would be a fool not wanting to invest with a UK broker regulated by FCA just because UK is not part of EU anymore. Which financial firm would you rather trust your money with? A firm in UK regulated by the efficient and able FCA or a firm overseen by the confusing and bureaucratic EU financial regulator?

I reside in the EU now, but trade US markets, so I will trade solely through US FCMs. In the past, I traded with UK brokers. There were some incentive trading with them : No personal guarantee when you are incorporated, FCA regulated and a few others linked to exchange programs. But some loopholes were closed and now there is no incentive anymore. I don't want to spend 1h a week reviewing legal documents each time the UK/EU legal landscape changes. It is just too fuzzy and temporary. I think just the same as Reuters, UK will lose its dominance over the long run. If you think euro denominated assets will remain cleared in the UK, you are tripping... The day after Brexit, I was looking for a way to get "long Frankfurt" but decided I was out of my domain and didn't pull the trigger. It was an error as an investor...

 

[Visaria]

Last time i checked, Germany is in a recession, Italy appears to have been in a living standards recession since 2000, and now France is about to go into recession. The unemployment rate of the EU bar Germany is laughable.

Despite Brexit uncertainty, the UK has record employment levels and a GDP growth rate in the last 8 months better than any country in the EU.

 

[Visaria]

UK will lose its dominance over the long run. If you think euro denominated assets will remain cleared in the UK, you are tripping...

In the long run, the EU will disintegrate together with the euro so I guess it will not be a problem!

 

[luisHK]

Volpunter on a rampage... I like Europe, but between Merkel welcoming anyone without check including wanted terrorists(anyone remembers the Bataclan ? french dude came back to Europe hiding among refugees.How Many murderers and dangerously traumatised refugees defiant of western culture from war torn areas did Europe welcome ? Australia refugee policy makes sense imo. Going back There very soon btw. Nice country

 

[JSOP]

I reside in the EU now, but trade US markets, so I will trade solely through US FCMs. In the past, I traded with UK brokers. There were some incentive trading with them : No personal guarantee when you are incorporated, FCA regulated and a few others linked to exchange programs. But some loopholes were closed and now there is no incentive anymore. I don't want to spend 1h a week reviewing legal documents each time the UK/EU legal landscape changes. It is just too fuzzy and temporary. I think just the same as Reuters, UK will lose its dominance over the long run. If you think euro denominated assets will remain cleared in the UK, you are tripping... The day after Brexit, I was looking for a way to get "long Frankfurt" but decided I was out of my domain and didn't pull the trigger. It was an error as an investor...

The EU market is so inefficient why would you want to trade it anyway? The spread is large, the volume is not there, the fee is high and most importantly the EU financial regulator is a joke. Would you trust your money with a Latvian broker regulated by the EU? I wouldn't. This is why all of those non-UK forex brokers all try to display the "FCA" sign on their webpage to try to look more prestigious and trustworthy. You made the right choice to trade US markets and I would say UK is a close second.

 

[GRULSTMRNN]

Free from what exactly? The tight grasp of receiving subsidies and extra deals no other EU country received? Free from a financial hub where the EU allowed all euro denominated derivatives clearing in London? Car manufacturing by foreign entities in the UK knowing they could easily move the cars and parts from and to Europe? All that will go away without a trade deal that also benefits Europe. Your assertion that "everything will be OK" if the UK just went through with this is as wishful thinking as the wishful thinking that American miners and car workers will just be fine once the manufacturing base is brought back to the US. Nothing in history even remotely indicates that this is the case.

EU isn't about letting too many migrants in anymore although that might be the rhetoric that convinced some to vote for Brexit but no EU's about subjecting free nations to give up their sovereignty and autonomous to autocracy all in the name of free market and economic efficiency especially when it's all unnecessary. Each member country of EU, to more or less of a degree operates with democracy with leaders that's elected by its own people governing them via laws most suitable for their own country's needs and for their own people's needs at least supposedly and yet these laws are all thrown out of the door and all those countries have to obey laws and regulations enacted by this EU, an organization that was never elected, voted for or in any way democratically selected by the people it governs or else face "consequences". Does that sound like a democratic system to you? Every single country in the EU is different and unique. Why does EU think the same law that's good for Belgium would necessarily be good for Estonia? If not, then why does Estonia has to be subject to the same law as Belgium just because it belongs to the EU? What if the law that applies to Cyrus is not adequate or is an overkill for Finland? You think it's still a good idea that Finland has to adopt the same EU law as Cyrus? It's by the same token UK is getting out. It's not going to watch its country going into pieces obeying laws imposed upon them by those EU bureaucrats that the UK people never voted for that doesn't adequately address the needs of its own people and govern its own people.

People are all complaining now because UK is just getting a raw deal. But all UK has to do is just to tough it out and have the guts to stick through its plan and it will be OK. At least it will get its own country back and will be free!!