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One year on from euro-denominated share-trading by European Union investors being taken from the City of London and transferred to EU exchanges because of the United Kingdom's exit from the single market, Brexit's long-term impact on Britain's financial sector remains unclear. ....
According to PwC boss Bob Moritz, Britain owed its improvement to the fact it was an independent country . The boost, which sees only the US, Germany and China beat the UK, comes despite worrying signs the EU was attempting a power-grab of London s financial clout. In December, Prime Minister Boris Johnson signed a Brexit trade deal with the bloc days before the end of the transition period. In January, Amsterdam overtook London as Europe’s largest share trading centre. UK now MORE attractive to lucrative investors (Image: Getty) European Commission President Ursula von der Leyen (Image: Getty) An average of €9.2billion (£8.07bn) shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December. ....
“We are ensuring all officials are properly conveying this information.” Almost 1,500 EU-based financial services firms have applied for permission to operate in the UK, with around 1,000 of these planning to establish their first office in the country, according to a Freedom of Information request (FOI) by financial regulatory consultancy Bovill. The FOI request from last year showed 1,441 firms had applied to the Temporary Permission Regime (TPR), with 83 percent of these on a services passport, meaning they would need to set up an office in the UK for the first time. Earlier this month, the Bank of England warned the EU that their demands are excessive compared to international standards. ....