FT: City of London makes late scramble to limit Brexit disruption

[patman post]

Not really


Takes about 10 minutes online to set one up, and 30 mins to get bank account. Takes about a fortnight to close one down. I speak from having done so.


Leaving it dormant of course is easy and requires one annual declaration (fee free) of same.

Having seen two UK-based manufacturing companies set up and register their own offices in the EU — one in Germany and the other in France (not just appointing representation) — during the last two years, I have to assume we're referencing different examples...

[Baff]

Could show no more than 1500 French companies understand what needs to be done to do business with — or through — the UK, and that only 31 UK companies have got their act together at this point in time...

Yes, because French people are inherently smart while UK people are inherently mendicants.
Great logic, I love it.

Look up this word. "Prejudice".

[johnofgwent]

It's also easier to close a business — or leave it inoperative — that it is to register and set one up in a hurry...

Not really


Takes about 10 minutes online to set one up, and 30 mins to get bank account. Takes about a fortnight to close one down. I speak from having done so.


Leaving it dormant of course is easy and requires one annual declaration (fee free) of same.

[patman post]

I think it depends what turnover and trading those 1500, and those 31, do ...

It's also easier to close a business — or leave it inoperative — that it is to register and set one up in a hurry...

[johnofgwent]

Could show no more than 1500 French companies understand what needs to be done to do business with — or through — the UK, and that only 31 UK companies have got their act together at this point in time...

I think it depends what turnover and trading those 1500, and those 31, do ...

[GerryT]

It does make sense for EU companies to open up in the UK. An EU company may have business in the EU and UK, it will have to have an office in the UK to service that business. The same works the other way around.
But it's what volume of business is moving, the figures released earlier this month suggested about 1T of business was moving from the UK to the EU, has anyone seen the amount of business moving the other way, I haven't ?

[patman post]

I think this month 1,500 French companies registered to trade in London.

And 31 UK companies registered to trade in France.

The EU are going to try and screw London.
No change there. They have been trying since they first existed.
Hasn't been going very well for them so far.

Could show no more than 1500 French companies understand what needs to be done to do business with — or through — the UK, and that only 31 UK companies have got their act together at this point in time...

[Baff]

I think this month 1,500 French companies registered to trade in London.

And 31 UK companies registered to trade in France.

The EU are going to try and screw London.
No change there. They have been trying since they first existed.
Hasn't been going very well for them so far.

[Borg Refinery]

https://www.google.com/amp/s/www.irishtimes.com/business/economy/city-of-london-makes-late-scramble-to-limit-brexit-disruption-1.4418254%3fmode=amp

Companies and regulators are making last-minute arrangements to avoid disruption when the UK leaves the EU's single market next month, with Paris snagging a new trading hub for Goldman Sachs and a dual listing for FTSE 100 stalwart Segro.
...
Late on Monday, European regulators also finalised a late change seeking to avoid chaos in £15tn of derivatives contracts held between UK and EU counterparties.
...
Despite the commission's reluctance to set out its plans, European regulatory agencies on Monday evening moved to make it easier to shift thousands of illiquid and old derivatives contracts from the City to the EU.

In a joint statement EBA, Esma and Eiopa, which oversee Europe's banking, trading and insurance industries, said they would allow banks and asset managers to transfer their old open derivatives trades held in London to EU subsidiaries without triggering new regulatory demands.

The move aligns the EU with the UK, which has already legislated to allow EU banks to continue to service the contracts.

Roger Cogan, head of European public policy at Isda, a trade association, said the move was "very welcome" as it allowed banks to continue providing basic services such as amendments to contracts. "It is also helpful for market participants' Brexit-related reorganisation efforts," he said.

Assessments
The commission has said its equivalence assessments of the UK must be "forward looking" and take into account any British plans to diverge from EU rules. Brussels has said it needs more information despite the UK government providing 2,500 pages of answers to EU questionnaires earlier this year.

EU diplomats say the union's stance reflects a mixture of negotiating tactics, as Brussels seeks leverage in the two sides' future-relationship talks, and a political agenda to become more independent from the City after Brexit.

In a bid to move the process forward, UK chancellor Rishi Sunak announced some equivalence decisions in November that will, for example, ensure EU-based exchanges, clearing houses and financial benchmarks can continue to be used by UK customers. But the EU made clear it had no plans to immediately reciprocate. – Copyright The Financial Times Limited 2020