LSE – City of London stumbles over first week of Brexit
When veteran City negotiator Rich Ricci returned to work on Monday, the ramifications of a Brexit deal that largely excluded financial services were immediately felt across his various businesses.
Panmure Gordon, the British broker he runs, has faced restrictions on dealing with European clients from London, while the stock exchange he partly owns has seen nearly all of the share transactions linked to the euro move to Paris on the first day of trading since the UK left the EU single market.
“Obviously it was an impact, a bit of a shock one day,” said Mr. Ricci, the largest individual investor in the pan-European exchange Aquis. “While it’s not encouraging, it’s just an immediate reaction. [But] there is no doubt that the UK has a long way to go to maintain its primacy in commerce.
Like leaders in the financial services industry, he must have understood what a hastily released 1,250-page trade deal at Christmas meant for the industry.
The changes triggered by …
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LSE – City of London stumbles over first week of Brexit
