Britain's financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market.
The European Union's market watchdog is investigating ways to stop national regulators competing unfairly with each other as they try to attract firms from Britain after Brexit in a beauty parade of financial centers.
Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability.
The Bank of England will not "stifle" innovation in financial technology with new rules as it seeks to get to grips with its impact, a senior central bank official said on Thursday. Victoria Cleland, the BoE's Chief Cashier, said a priority for the central bank this year was devising its regulatory approach to so-called fintech.
The financial system's ability to cope with Britain's vote to leave the European Union and with doubts over growth prospects show the benefits of rules introduced since the 2008 collapse of Lehman Brothers bank, a global watchdog said today.