The day after the European Union's chief negotiator warned that there could be no special deal for Britain's finance sector, the U.K. sent a message back: You need our banks as much as they need you.
"The City of London is actually the banker for Europe," Prime Minister Theresa May told a parliamentary committee on Wednesday. "It's a significant provider of capital finance for Europe. There will be greater recognition of the role that the city plays."
Bank of England Governor Mark Carney used almost exactly the same words during his own questions session in Parliament a couple of hours earlier. He said London handled "the most complicated bits of finance, the wholesale markets, the equity underwriting, the derivatives, FX trading." The British regulatory system meant it was well-equipped to do that business, he said.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
