LONDON (Reuters) – The EU watchdog said on Monday that block-based banks and asset managers are expected to execute most of their stock trades within the EU after full Brexit from January, with the aim of fragmenting cross-border markets
Large parts of cross-border stock trading are currently carried out on platforms in London, but Britain’s unhindered access to the block ends in December 31
The European Securities and Markets Authority (ESMA) has established a revised « stock trading obligation », or STO, which requires banks and other users of the stock markets to trade stocks listed in the EU at from January if Brussels decides on unhindered access to trading in shares to continue
He relaxed previous predictions that EU shares must be traded inside the bloc on some point, saying that stocks listed on exchanges inside the bloc can still be traded on platforms in London if traded in pounds sterling
The EU wants to create its own capital market to reduce its dependence on London, and ESMA has said trading in a non-European currency introduces currency risk for European investors
Less than 50 EU-listed stocks are traded in pounds sterling in London, which is less than 1% of total transactions in the EU, ESMA said
Pan-European platforms based in London, Cboe, Turquoise from the London Stock Exchange and Aquis Exchange shares listed on EU stock exchanges
« These revised guidelines aim to respond to the specific situation of the small number of EU issuers whose shares are mainly traded on UK pound trading venues, » ESMA said
ESMA has said it has done « their best » to avoid a clash with Britain over where the shares are to be traded from January
Britain has yet to set its own rules for trading listed shares in the EU, saying the best solution would be for Brussels to extend full access
Cboe, Turquoise and Aquis have already opened hubs in the EU to offer euro-denominated transactions in EU-listed stocks to avoid disrupting customers following such a clash
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Global news – UK – Stock trading in Europe set to be fragmented by Brexit
