Fidessa's director of group strategy Steve Grob mulls a post-Brexit world
I was out fairly late last night at an industry function and
almost forgot that I had an internal Brexit briefing here at
Fidessa Towers this morning. As the memories of the fine
Barolos I’d been served rescinded, I engaged with
my dear friend and colleague Dr Voigt on what the whole Brexit
thing might mean for our industry. Christian made some
good points as usual, including that Mifid et al are actually
(or will be) enshrined in UK law and so until a Brexit actually
happens our industry will be bound to operate under all its
rules. Post-Brexit it’s a different story,
and at the heart of the issue is the passporting of financial
services in Europe. If this pawn was sacrificed in the
bigger political negotiations, then the UK might be tempted to
start unpicking some of the ’sillier’
rules (e.g. the dark pool caps) in order to create a more
benign, and therefore more attractive, regulatory
environment. I am not sure how Brussels would react to an
offshore trading hub that operated this way – would
they then start to unwind their own rules and would we see a
slow but steady reversal of the regulatory straightjacket our
industry operates within?
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