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04-07-2016, 11:27 AM
Cities, like Frankfurt, Dublin, Amsterdam, Luxembourg, and Paris, are eagerly seeking to replace London, after the Brexit. Once the UK lose the access of EU single financial market, financial institutions in UK, will rush to move out, and settle in equivalent cities within EU. Which one, is the winner city? Hmm...
Could Paris really steal City of London crown after Brexit?
Hours after the UK’s vote for Brexit was announced, online adverts saying “Welcome to the Paris Region” aimed at international banks and investors were already running in the Financial Times and the Wall Street Journal.
Brexiters might have been short of a plan B, but officials in Paris’s financial district and the wider Paris region, despite being pro-remain, had been preparing for months to promote their financial sector and urge any bankers considering leaving the City of London to think about moving to France. More than 4,000 letters were immediately sent to investors boasting of the benefits the wider Paris Île-de-France region, run by the rightwing Valérie Pécresse, who was previously Nicolas Sarkozy’s budget minister.
'Paris has changed permanently': a day on duty with mayor Anne Hidalgo
Read more
When the president, François Hollande, took an instant hard line on Brexit, saying the City of London could no longer continue its highly prized business of clearing euro-denominated derivatives, it looked like France would push the moral argument for restricting the UK’s huge financial services post-Brexit and attempt to reap the benefits for Paris.
But the issue of whether Paris might stand to gain from any potential City of London restrictions remains a giant question mark on a page of uncertainties. Like everything else about Brexit, it is far more complex than it looks.
The competition for any financial services that might leave the City – and it’s not yet clear what they might be – is ferocious, with a range of cities queuing up. These include Frankfurt, which is home to the European Central Bank and the financial capital of Europe’s biggest economy, and Dublin with its attractive corporate tax rates, as well as Amsterdam and Luxembourg. Paris is far from a certainty.
...
https://www.theguardian.com/world/2016/j...it-bankers
Could Paris really steal City of London crown after Brexit?
Hours after the UK’s vote for Brexit was announced, online adverts saying “Welcome to the Paris Region” aimed at international banks and investors were already running in the Financial Times and the Wall Street Journal.
Brexiters might have been short of a plan B, but officials in Paris’s financial district and the wider Paris region, despite being pro-remain, had been preparing for months to promote their financial sector and urge any bankers considering leaving the City of London to think about moving to France. More than 4,000 letters were immediately sent to investors boasting of the benefits the wider Paris Île-de-France region, run by the rightwing Valérie Pécresse, who was previously Nicolas Sarkozy’s budget minister.
'Paris has changed permanently': a day on duty with mayor Anne Hidalgo
Read more
When the president, François Hollande, took an instant hard line on Brexit, saying the City of London could no longer continue its highly prized business of clearing euro-denominated derivatives, it looked like France would push the moral argument for restricting the UK’s huge financial services post-Brexit and attempt to reap the benefits for Paris.
But the issue of whether Paris might stand to gain from any potential City of London restrictions remains a giant question mark on a page of uncertainties. Like everything else about Brexit, it is far more complex than it looks.
The competition for any financial services that might leave the City – and it’s not yet clear what they might be – is ferocious, with a range of cities queuing up. These include Frankfurt, which is home to the European Central Bank and the financial capital of Europe’s biggest economy, and Dublin with its attractive corporate tax rates, as well as Amsterdam and Luxembourg. Paris is far from a certainty.
...
https://www.theguardian.com/world/2016/j...it-bankers
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