EU “shooting itself in the foot” over city trading rules



Julian Jessop quoted in the Daily Express

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Julian Jessop quoted in the Daily Express

IEA Economics Fellow Julian Jessop is not concerned at news that Amsterdam has over taken London as Europe’s biggest trading centre. Commenting in the Daily Express, Jessop said: “Right from the beginning of the year we knew that a lot of euro-denominated currency trading was going to move from London.”

EU rules forbid EU-based firms to trade interest rate swaps and credit default swaps with nations outside the bloc or with nations whose standards have been not recognised by Brussels. The EU have failed to grant the UK with EU equivalence- restricting trade.

Julian Jessop argued: “Euro-denominated equity trading, and equity trading more generally, is pretty small in size compared to other markets” adding that the EU was “shooting itself in the foot” for “small short term gain”.

Read the full article here.