The UK formally left the EU back in January and while trade negotiations are still ongoing, there are less than 30 days for both sides to come to an agreement before the end of the transition period on December 31.
But now, France’s top securities regulator, Robert Ophele, has urged the EU to adjust rules to avoid penalising branches of EU banks trading in London.
Under the bloc’s “derivatives trading obligation (DTO)”, EU bank branches in Britain must use an EU-based platform for trading or a platform in countries like the US which has been approved by the bloc.
British rules force UK counterparties to trade on a UK approved platform, making cross-Channel deals impractical.
Last week, the European Securities and Markets Authority (ESMA) said the clash was due to how Britain applied its own rules and it would simply monitor the market.
Warning the EU, Mr Ophele said: “If we do so it will be too late.
“The harm will have been done.
“I do hope that the European DTO can still be rapidly adjusted.”
He continued to say the bulk of trading covered by the EU rules is concentrated in London and around 70 percent of volumes handled by EU branches in the capital were at risk of being lost of moved to the US.
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During negotiations, neither side has been able to come to an agreement on issues such as state aid and fishing quotas and rights.
French President Emmanuel Macron and his government made it clear to the EU’s chief negotiator Michel Barnier that he had to push for stronger commitments on regulatory alignments and access to UK fishing waters.
Last month, Mr Macron said: “In no case shall our fishermen be sacrificed for Brexit."
But Mr Macron has since been accused of exaggerating how important UK fishing rights are to the French.
A report by the European Commission says 60 percent of all fishing is done around UK waters, in the North East Atlantic.
In France, the fishing sector is worth less than the art business at €1.4billion (£1.2billion) a year.
The 2019 report says: "By way of comparison, the overall holding capacity of the Norwegian fishing fleet was the largest in Europe.
"It was also considerably more powerful than that of any EU member state.
In the case of Iceland, despite having a much smaller fleet (1600 vessels in 2018) than France and Italy, the overall holding capacity (gross tonnage) was very similar."
As the end of the transition period looms closer, the two sides are negotiating in London for a crunch round of talks this week.
EU leaders have warned of the need to make “big progress” to avert a possible no deal by the end of the month.
https://news.google.com/__i/rss/rd/articles/CBMic2h0dHBzOi8vd3d3LmV4cHJlc3MuY28udWsvbmV3cy9wb2xpdGljcy8xMzY3Nzc2L2JyZXhpdC1uZXdzLUVtbWFudWVsLW1hY3Jvbi1mcmFuY2UtZXUtQnJpdGFpbi1maXNoaW5nLWJvcmlzLWpvaG5zb27SAXdodHRwczovL3d3dy5leHByZXNzLmNvLnVrL25ld3MvcG9saXRpY3MvMTM2Nzc3Ni9icmV4aXQtbmV3cy1FbW1hbnVlbC1tYWNyb24tZnJhbmNlLWV1LUJyaXRhaW4tZmlzaGluZy1ib3Jpcy1qb2huc29uL2FtcA?oc=5
2020-12-03 09:19:00Z
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