There have been 108 floats on the London Stock Exchange which raised 16.1 billion pounds ($21.47 billion), though London is aware of how it trails New York, which has raised $128 billion this year. Amsterdam has also attracted 22 public floats and private placements so far this year, raising 10.7 billion euros ($11.99 billion). Previously a relatively small financial centre, the Dutch capital became Europe's biggest share trading centre immediately after Brexit, although London is now roughly neck and neck. STRATEGIC AUTONOMYīrexit, the recovery from COVID-19 and the need for massive investments to tackle climate change have added a sense of urgency to CMU that was missing six years ago as Brussels seeks to build "strategic autonomy" in sectors like finance.īritain's exit has shown Brussels that the bloc's markets can largely stand on their own feet after billions of euros in daily trading of shares, interest rate swaps and EU emissions allowances left London for Amsterdam without market disruption. "Market participants have asked for harmonisation of settlement and insolvency laws but member states don't want to change insolvency rules, for example, because if you start tinkering with those then you have to change the legal foundations of each country," Schol said. This time round the EU executive, the European Commission, has proposed thornier steps for knitting together national markets by creating an EU tape or record of stock and bond trades by 2024, a step exchanges will lobby hard to water down.Ī single EU point of access for information on listed companies to mirror the 'Edgar' filings system on Wall Street, is also proposed.īut far tougher reforms like harmonising settlement, taxes on investments and accounting will need tackling to create a truly seamless EU securities market like in the United States, Schol and others said.
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