U.K. Rebuke Over EU’s Hard Line on Post-Brexit Stock Trading
- ESMA says certain stocks must be traded in Europe, not London
- U.K.’s FCA says plan risks triggering market ‘disruption’
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It’s widely assumed that a no-deal Brexit would trigger chaos for European stock markets. But the upheaval could be much worse unless the EU drops a plan to restrict trading on London exchanges after Britain leaves the bloc, the U.K. said Tuesday.
The U.K. Financial Conduct Authority warning came minutes after the Paris-based European Securities and Markets Authority said EU firms must trade certain stocks on platforms based in the bloc, and not on U.K. ones. The EU policy could apply even when a company’s main listing is in London, as is the case for AstraZeneca Plc, Rio Tinto Plc and Vodafone Group Plc.