UK

Clearing looks set to be one the first areas of London’s dominance as a financial centre to be challenged, following last week’s vote to leave the European Union, with uncertainty over the future of euro business putting pressure on central counterparties based in the UK to relocate their clearing operations elsewhere.

Standard Chartered Bank has hired an executive director for its European corporate DCM team.

The London Stock Exchange (LSE) could be closing in on an equity trading link for UK-listed depositary receipts by Chinese firms that would see the participation of Euroclear and LCH.Clearnet, GlobalRMB has learned.

The Singapore Exchange (SGX) has extended the period of exclusive discussions with the Baltic Exchange for a proposed cash offer to acquire 100% of the shipping-based bourse.

An impassioned Brexit-inspired request from the managing director of the GlobalCapital group

The United Kingdom's vote to leave the European Union sent traders, lawyers and trade associations into overdrive this week as they sought clarity on whether contractual changes for derivatives will be required, what form they would take and how they could be modelled.

Citigroup bulked up parts of its Irish operations last year, in what may have been long term preparation for a potential UK vote to leave the European Union. But other US firms, including Goldman Sachs and Morgan Stanley, continue to rely heavily on their UK subsidiaries to access international markets.

US, German and French bankers speaking to GlobalCapital from the control room of the European high yield market want London to keep their capital. But they admit it is a hopeless wish, if Brussels imposes a full Brexit.

While a handful of loans were put on hold following the UK’s vote to leave the EU, a few deals already in the market are braving the choppy waters, with certain credits finding resilient support.

Even if the terms of the UK’s exit from the European Union are tied up soon, market volatility will remain high — with a second referendum on Scottish independence almost a certainty. And this time, a vote to leave the UK is highly likely.

Wimbledon (the tennis tournament, not the suburb), like the City of London, attracts the world’s top talent, very little of which is home-grown. But how stable will this effect be in a post-Brexit reality? And can we have some certainties about how it’s going to work, please?

English law loan documents are not likely to be scrapped if the UK leaves the European Union, but there will be changes to the docs in the event of a Brexit.