And French bankers face pressure to bring jobs home to Paris.
From Bloomberg: A decade on from the last financial crisis, global regulators are close to putting the finishing touches on bank capital rules intended to prevent the next one. Negotiators in the Basel Committee on Banking Supervision last week came up with a plan to break a year-long deadlock that has delayed completion of the Basel III capital standards, according to people with knowledge of the talks. A final deal must be approved by the central bank governors and supervisors on the Basel Committee’s oversight body.
From Reuters: The European Union’s banking watchdog will publish guidance on new EU hubs and trading risks for lenders from Britain seeking a post-Brexit base in the bloc, its chairman said on Monday. Banks in London are looking to open or expand hubs in the EU to ensure they can continue serving customers there after Britain leaves the bloc in March 2019. The guidance will support a smooth relocation process and avoid regulatory competition, EBA Chairman Andrea Enria told a European Parliament hearing.
From Reuters: While most London-based bankers are brushing up on their German to prepare for a move to Frankfurt post-Brexit, senior staff at French investment banks expect to say “Oui” to government pressure to bring jobs home to Paris. Most international banks in London have declared where they will move their European business in the event of a “hard” Brexit, in which the UK would give up access to the single market, including financial passporting rights.
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