BoE will permit EU banks to operate in Great Britain after Brexit

BoE will permit EU banks to operate in Great Britain after Brexit

The Bank of England is going to permit European financial institutions to keep selling their services in Great Britain without having to create costly subsidiaries after Brexit. That’s what the BBC informed on Wednesday.

The verdict, if confirmed, would mean that EU banks providing wholesale services wouldn’t come across fresh hurdles to operating in London, taking on New York for the title of the global financial capital.

As a matter of fact, a BoE spokesman refused to comment on the report. The BoE is expected to unveil its approach to future supervision of foreign financial institutions at 1300 GMT.

The BoE's proposal could be interpreted as an indication of goodwill by the UK in Brexit negotiations and also an attempt to preserve Britain’s position as the financial center that hosts more financial institutions than any other.

By the way, more than 100 financial institutions working in London appear to be branches of lenders headquartered in the European Union.

Similar

Earnings Season is In Focus
Earnings Season is In Focus

Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?

Can XAUUSD Move Higher?
Can XAUUSD Move Higher?

The dollar's status as the world's reserve currency could only be recovered if the US controls its spending. The huge budget deficit and rising interest rates on the US national debt should scare every American, analysts say. Read the full report to learn more!

Latest news

The Yen Sets New Lows
The Yen Sets New Lows

The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!

BlackRock CEO Supports The USD
BlackRock CEO Supports The USD

BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera