Monday, April 24, 2017

Financial industry leaders renew Brexit warning

By on January 10, 2017

A British Union Jack (L) and European Union flag fly as Theresa May, Prime Minister of the United Kingdom, visits German Chancellor Angela Merkel (CDU) on July 20, 2016 in Berlin, Germany. The two leaders discussed their upcoming cooperation together as well as the United Kingdom's withdrawing of its membership from the European Union, known as Brexit. (Photo by Adam Berry/Getty Images)

(Adam Berry/Getty Images)

LONDON — The CEO of the London Stock Exchange has offered a dire warning on the risks associated with the uncertainty of Brexit, with thousands of jobs in the balance, particularly from the lucrative business of clearing contracts.

Xavier Rolet warned lawmakers Tuesday that Brexit would potentially have a systemic impact and that many jobs associated with clearing of financial trades were at risk.

He said: “I’m not just talking about the clearing jobs themselves which number into the few thousands, but the very large array of ancillary functions… which range into far more than just a few thousand or tens of thousands of jobs.”

He says Britain’s financial services sector needs a grandfathering period of five years to “maintain, nurture and promote” what has made the U.K. economy a global performer.

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