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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  London Stock Exchange    LSE   GB00B0SWJX34

LONDON STOCK EXCHANGE (LSE)
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London Stock Exchange : UK shifts Brexit focus for financial services sector - FT

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07/12/2018 | 04:07am CET
NATO Alliance Summit in Brussels

LONDON (Reuters) - Britain has given up trying to keep full access to the European Union market for its giant financial services sector after Brexit and instead will push for an easing of existing rules, the Financial Times reported.

Prime Minister Theresa May's latest plans for Brexit, which will be published in detail on Thursday, show that London will seek a looser partnership with the EU in the financial services sector than its current ties, the newspaper said.

Institutions in the City of London have already scaled back their expectations of continued full access to the EU after a Brexit transition period ends.

Reuters reported last month that the bloc was opposed to changing its default option for non-EU financial services firms solely for Britain, and any improvements to its so-called equivalence regime would apply to other countries too.

The FT said Britain wanted to be the country outside the bloc with the closest relationship in financial services to what will then be the EU's 27 member countries.

Under the equivalence system, Brussels grants access to EU markets if it decides that the home rules of a foreign firm offer protection for EU investors to the same extent as the bloc's own rules. It means a foreign firm can avoid the cost of setting up a subsidiary in the EU.

Britain's finance ministry declined to comment on the FT report, but said finance minister Philip Hammond has argued that the EU's existing equivalence system would not work for Britain.

"The government is committed to agreeing a close future relationship on financial services and a bilateral solution that preserves the mutual benefits of integrated markets whilst protecting financial stability," the ministry said in a statement.

(Writing by William Schomberg; Editing by Leslie Adler)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON STOCK EXCHANGE -0.15% 3867 Delayed Quote.2.11%
NASDAQ -0.30% 87.1 Delayed Quote.13.71%
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Financials (GBP)
Sales 2018 2 123 M
EBIT 2018 940 M
Net income 2018 506 M
Debt 2018 171 M
Yield 2018 1,52%
P/E ratio 2018 26,58
P/E ratio 2019 22,53
EV / Sales 2018 6,43x
EV / Sales 2019 5,73x
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