Discussion
Raygun said:
VonSenger said:
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
!
Here's a real world tangible loss to the UK I hope you will grasp, loads of low payed British workers wages are kept low because millions of Eastern European immigrants have made it a race to the bottom wage structure whilst rents and property prices have gone through the roof. !
I’m sorry that some people don’t have the jobs they were expecting but...
VonSenger said:
Sway said:
VonSenger said:
b
hstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
The one that calls out the impact on the US too (NY being the second largest EUR clearing house) - with the loss of equivalence it'll cause?
The one that expressly calls out the loss of systemic risk controls, increased costs and reduced efficiencies?
Really?
It's not fake news - it's an article supporting my position...
f
king hell. I recall that many brexiteers complained that giving parliament a vote on the final deal would lead to the EU giving us a especially garbage offer knowing that parliament would never accept it.
That's certainly what this looks like to me.
I recall that May once said that No Deal was better than a Bad Deal, has she provided the No Deal plan yet, or was that as well prepared as the referendum contingency plan?
Cameron should be in Stocks for this farce.
That's certainly what this looks like to me.
I recall that May once said that No Deal was better than a Bad Deal, has she provided the No Deal plan yet, or was that as well prepared as the referendum contingency plan?
Cameron should be in Stocks for this farce.
Sway said:
VonSenger said:
Sway said:
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
The one that calls out the impact on the US too (NY being the second largest EUR clearing house) - with the loss of equivalence it'll cause?
The one that expressly calls out the loss of systemic risk controls, increased costs and reduced efficiencies?
Really?
It's not fake news - it's an article supporting my position...
f
king hell. "The EU is trying to repatriate part of London’s derivatives clearing business, using Brexit and financial stability as its pretext. But as the futures industry holds its big annual meeting in Florida this week, there is growing concern that Brussels’ plan to shift all euro-denominated business to Paris, Frankfurt and other continental financial centres gets it all wrong.
Its plans for supervising clearing houses are flawed and do not seem to appreciate the volume of business disruption that will surely take place after the UK leaves the EU"
VonSenger said:
Doesn't matter. Don't bother him with the truth, it's not needed today. Hence why we're all sitting here demanding to be able to use the gym after cancelling our membership. Utterly bizarre.
I actually had a similar conversation before the vote with a neighbour that owns a large civil engineering firm. He voted out due to imigration.........He was warned, but insisted. I saw him last week in the local, he complained that he's short staffed as the Pols he employed have gone back...... you couldn't make it up.
Instead of reflecting on his decision he proceeded to slate those that promised unicorns for not delivering unicorns.
I've never seen anything like this crazy, blinkered approach. It's scary how naive/stupid some people are.
Nothing to do with the Polish economy taking off so they can find work and they have squirelled enough money away (whilst not spending in the local economy) to build their 5 bed house back home now?I actually had a similar conversation before the vote with a neighbour that owns a large civil engineering firm. He voted out due to imigration.........He was warned, but insisted. I saw him last week in the local, he complained that he's short staffed as the Pols he employed have gone back...... you couldn't make it up.
Instead of reflecting on his decision he proceeded to slate those that promised unicorns for not delivering unicorns.
I've never seen anything like this crazy, blinkered approach. It's scary how naive/stupid some people are.
jsf said:
VonSenger said:
Doesn't matter. Don't bother him with the truth, it's not needed today. Hence why we're all sitting here demanding to be able to use the gym after cancelling our membership. Utterly bizarre.
I actually had a similar conversation before the vote with a neighbour that owns a large civil engineering firm. He voted out due to imigration.........He was warned, but insisted. I saw him last week in the local, he complained that he's short staffed as the Pols he employed have gone back...... you couldn't make it up.
Instead of reflecting on his decision he proceeded to slate those that promised unicorns for not delivering unicorns.
I've never seen anything like this crazy, blinkered approach. It's scary how naive/stupid some people are.
Nothing to do with the Polish economy taking off so they can find work and they have squirelled enough money away (whilst not spending in the local economy) to build their 5 bed house back home now?I actually had a similar conversation before the vote with a neighbour that owns a large civil engineering firm. He voted out due to imigration.........He was warned, but insisted. I saw him last week in the local, he complained that he's short staffed as the Pols he employed have gone back...... you couldn't make it up.
Instead of reflecting on his decision he proceeded to slate those that promised unicorns for not delivering unicorns.
I've never seen anything like this crazy, blinkered approach. It's scary how naive/stupid some people are.
VonSenger said:
Sway said:
VonSenger said:
Sway said:
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
The one that calls out the impact on the US too (NY being the second largest EUR clearing house) - with the loss of equivalence it'll cause?
The one that expressly calls out the loss of systemic risk controls, increased costs and reduced efficiencies?
Really?
It's not fake news - it's an article supporting my position...
f
king hell. "The EU is trying to repatriate part of London’s derivatives clearing business, using Brexit and financial stability as its pretext. But as the futures industry holds its big annual meeting in Florida this week, there is growing concern that Brussels’ plan to shift all euro-denominated business to Paris, Frankfurt and other continental financial centres gets it all wrong.
Its plans for supervising clearing houses are flawed and do not seem to appreciate the volume of business disruption that will surely take place after the UK leaves the EU"
Or how about reading the first words, and then ignoring the ones that state, very clearly, that the Futures industry sees the proposed moves (which haven't even come close to being voted on) as "getting it all wrong"?
As said, the article you've linked absolutely supports my argument - yes, the ECB in particular would like the 90+% of euro clearing out of London and New York. They've wanted that since day 1 of the euro. It hasn't, and won't happen - market sentiment would bury the euro overnight...
Think of any proper currency that cannot be cleared outside of it's borders. Just one.
Sway said:
VonSenger said:
Sway said:
VonSenger said:
Sway said:
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
The one that calls out the impact on the US too (NY being the second largest EUR clearing house) - with the loss of equivalence it'll cause?
The one that expressly calls out the loss of systemic risk controls, increased costs and reduced efficiencies?
Really?
It's not fake news - it's an article supporting my position...
f
king hell. "The EU is trying to repatriate part of London’s derivatives clearing business, using Brexit and financial stability as its pretext. But as the futures industry holds its big annual meeting in Florida this week, there is growing concern that Brussels’ plan to shift all euro-denominated business to Paris, Frankfurt and other continental financial centres gets it all wrong.
Its plans for supervising clearing houses are flawed and do not seem to appreciate the volume of business disruption that will surely take place after the UK leaves the EU"
Or how about reading the first words, and then ignoring the ones that state, very clearly, that the Futures industry sees the proposed moves (which haven't even come close to being voted on) as "getting it all wrong"?
As said, the article you've linked absolutely supports my argument - yes, the ECB in particular would like the 90+% of euro clearing out of London and New York. They've wanted that since day 1 of the euro. It hasn't, and won't happen - market sentiment would bury the euro overnight...
Think of any proper currency that cannot be cleared outside of it's borders. Just one.
VonSenger said:
That's some effort lol. Put the daily mail down and go and get some fresh air.
They wouldn't leave if they were returning to no job.All immigrants who plan on going home squirell away thier money and dont spend anything but the minimum locally.
Thats normal behaviour the world over, especially in trades.
It tends not to be the case with workers such as nurses, who want to build a life here.
gooner1 said:
It looks like some Euro firms got lost ! Not very auspicious for satellite manufacturers 
P
gooner1 said:
Why not produce satellites for esa and this? What a silly response. VonSenger said:
And that's the problem with brexiters. Not only have they swallowed the farage/banks/batten/dacre coolaide, they've also been trump'd......... can't be true unless I see it.
We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
I smell a rat here. Is this why Barnier is offering to extend the transition period a couple more years, so they can make arrangements to eventually do it in Frankfurt...?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
VonSenger said:
Sway said:
VonSenger said:
Sway said:
VonSenger said:
Sway said:
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
The one that calls out the impact on the US too (NY being the second largest EUR clearing house) - with the loss of equivalence it'll cause?
The one that expressly calls out the loss of systemic risk controls, increased costs and reduced efficiencies?
Really?
It's not fake news - it's an article supporting my position...
f
king hell. "The EU is trying to repatriate part of London’s derivatives clearing business, using Brexit and financial stability as its pretext. But as the futures industry holds its big annual meeting in Florida this week, there is growing concern that Brussels’ plan to shift all euro-denominated business to Paris, Frankfurt and other continental financial centres gets it all wrong.
Its plans for supervising clearing houses are flawed and do not seem to appreciate the volume of business disruption that will surely take place after the UK leaves the EU"
Or how about reading the first words, and then ignoring the ones that state, very clearly, that the Futures industry sees the proposed moves (which haven't even come close to being voted on) as "getting it all wrong"?
As said, the article you've linked absolutely supports my argument - yes, the ECB in particular would like the 90+% of euro clearing out of London and New York. They've wanted that since day 1 of the euro. It hasn't, and won't happen - market sentiment would bury the euro overnight...
Think of any proper currency that cannot be cleared outside of it's borders. Just one.
What did get them fussed, was London and NY pricing in the risk Greek transactions posed. Funnily enough, the market quite like the clearing houses to price risk effectively... All that really did was highlight the inability of the ECB to act as a proper central bank - leaving them with egg on their faces.
Nothing is going to happen with clearing. It's just not credible in any way shape or form - there's no advantage to the eurozone, only downside.
What do you think the transition period is for?
It allows plenty of time to transition whatever they want rather than being faced with having the legs cut from under them by a hard deal done against a tight timetable they cant deal with.
It adds nothing for the UK side, just makes our bargaining power weaker. May doesnt get that though because all she is thinking is to minimise desruption.
She is thick as mince.
It allows plenty of time to transition whatever they want rather than being faced with having the legs cut from under them by a hard deal done against a tight timetable they cant deal with.
It adds nothing for the UK side, just makes our bargaining power weaker. May doesnt get that though because all she is thinking is to minimise desruption.
She is thick as mince.
VonSenger said:
This is exhausting. Even after the predicted total shower of st that's unfolded you still think leaving is a better position than today? Wow.
Yes. Especially when the "shower of st that's unfolded you still think leaving is a better position than today? Wow. t" are nonsense potential moves (talked about for a long time prior to the ref - the Euro clearing crap has been on the table since 09 at least) such as loss of clearing. Or, as per the other thread, the loss of HALF of the high income earners in the entire nation - due to something with no evidence, no movement and again counter to the markets the industry serves needs... On the subject of the letters, what's to stop the bloke getting them just denying he has got 48??
From what Ive read, many MPs don't disclose they have sent, and they all go to just the one guy. And there is no trail as can't be posed or emailed, has to be by hand.
Seems a strange way to do it!
From what Ive read, many MPs don't disclose they have sent, and they all go to just the one guy. And there is no trail as can't be posed or emailed, has to be by hand.
Seems a strange way to do it!
jsf said:
What do you think the transition period is for?
It allows plenty of time to transition whatever they want rather than being faced with having the legs cut from under them by a hard deal done against a tight timetable they cant deal with.
It adds nothing for the UK side, just makes our bargaining power weaker. May doesnt get that though because all she is thinking is to minimise desruption.
She is thick as mince.
It also does fIt allows plenty of time to transition whatever they want rather than being faced with having the legs cut from under them by a hard deal done against a tight timetable they cant deal with.
It adds nothing for the UK side, just makes our bargaining power weaker. May doesnt get that though because all she is thinking is to minimise desruption.
She is thick as mince.
k all for the movement of back office FS anywhere... When they can't even implement mifid2 in several years, rebuilding the immense decentralised infrastructure on the continent, and moving the tens/hundreds of thousands of high income earners (and their families) across to whichever poor relation to London their firm has selected, spooling up all the non-relocatable support functions, etc. in less than three years is pure fantasy.
They couldn't do it in ten. Not without WW2 levels of imposition.
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