鈥楧ifficult to see opportunities鈥� in post-Brexit world, says ISLA panellists
20 June 2018 Lisbon
Image: Shutterstock
It鈥檚 difficult to see what the opportunities of Brexit are, at least for the financial services industry, according to panellists at the International 麻豆传媒 Lending Association鈥檚 (ISLA) 27th Annual 麻豆传媒 Finance and Collateral Management Conference in Lisbon.
One panellist, speaking on the Brexit Debate panel, said it was difficult to see what opportunities there were for firms, post-Brexit, but noted that his clients may begin to see a more 鈥渓ocal touch鈥� in Europe.
However, it was not all doom and gloom, with another panellist explaining that the UK government will be able to cement its own trade deals.
He compared the Frankfurt and London arrangement to Japan and Hong Kong, where Japan is a tightly regulated environment, while Hong Kong looks to the rest of the world.
Another panellist said that in the same way Frankfurt opened its doors the day after the Brexit referendum, Hong Kong has been 鈥渁ctively trying to get businesses to relocate there鈥�.
He added: 鈥淚 don鈥檛 think it鈥檚 fully manifested itself yet, but there鈥檚 potential for now.鈥�
Another panellist said that Brexit might provide the opportunity for firms to build up around new infrastructures and technologies, with the masters of these areas becoming the 鈥渨inners鈥�.
Panellists were asked what, post-Brexit, the UK can rip up from EU legislation that will really benefit London鈥檚 financial centre, but the majority of them agreed that it was 鈥渕ore about amending thank ripping chunks out of the rulebook鈥�.
One panellist explained: 鈥淚f we live in a world where sovereign states are committed to what they have signed in the past, the UK can amend certain aspects, but they can鈥檛 completely depart from the principles it signed up to.鈥�
鈥淭he policy makers of the EU have a very strong impetus to ensure that the UK remains an equal partner.鈥�
鈥淭he rest of the world鈥檚 business will be done out of London. If we want equivalence, we have to keep the rulebook pretty much aligned.鈥�
One panellist, speaking on the Brexit Debate panel, said it was difficult to see what opportunities there were for firms, post-Brexit, but noted that his clients may begin to see a more 鈥渓ocal touch鈥� in Europe.
However, it was not all doom and gloom, with another panellist explaining that the UK government will be able to cement its own trade deals.
He compared the Frankfurt and London arrangement to Japan and Hong Kong, where Japan is a tightly regulated environment, while Hong Kong looks to the rest of the world.
Another panellist said that in the same way Frankfurt opened its doors the day after the Brexit referendum, Hong Kong has been 鈥渁ctively trying to get businesses to relocate there鈥�.
He added: 鈥淚 don鈥檛 think it鈥檚 fully manifested itself yet, but there鈥檚 potential for now.鈥�
Another panellist said that Brexit might provide the opportunity for firms to build up around new infrastructures and technologies, with the masters of these areas becoming the 鈥渨inners鈥�.
Panellists were asked what, post-Brexit, the UK can rip up from EU legislation that will really benefit London鈥檚 financial centre, but the majority of them agreed that it was 鈥渕ore about amending thank ripping chunks out of the rulebook鈥�.
One panellist explained: 鈥淚f we live in a world where sovereign states are committed to what they have signed in the past, the UK can amend certain aspects, but they can鈥檛 completely depart from the principles it signed up to.鈥�
鈥淭he policy makers of the EU have a very strong impetus to ensure that the UK remains an equal partner.鈥�
鈥淭he rest of the world鈥檚 business will be done out of London. If we want equivalence, we have to keep the rulebook pretty much aligned.鈥�
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