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By Nick Carey
CHICAGO, July 1 (Reuters) - Britain's financial servicessector is working hard behind the scenes to communicate withBrussels and the UK government to ensure they don't lose"passporting" rights within the European Union followingBritain's vote last month to leave the trading bloc, the LordMayor of the City of London said on Friday.
"I think we're determined that we won't," lose passportingrights, Lord Jeffrey Mountevans, who serves as an ambassador andrepresentative for the UK financial services industry, toldreporters during a visit to Chicago. "Clearly we want to staywithin the single market. It's in everybody's interests to finda good way forward."
Passporting is considered the most significant feature ofthe EU single market for banks and other financial companies,allowing firms in one EU country to provide services to clientselsewhere in the single market.
It is particularly useful for U.S. banks doing business inEurope, some of which are looking at alternative locations toLondon should Britain leave the EU.
After its historic June 23 referendum resulted in a vote toleave the EU, Britain will have to negotiate on financialpassporting as part of the terms of its exit from the EU. Itwill have two years to do so once it triggers Article 50 of theEU Treaty. Article 50 has not yet been activated by Britain andit may be months before that happens, assuming it ever does.
"We want to inform the government thoroughly as to therequirements of the City and financial and business services sothey're very well prepared going into the discussions," onleaving the EU, Mountevans said. "That's a key message for usand to make a plea for calm."
"It's very clear this is necessary and very important forthe EU as well, there is a massive mutuality of interests," headded.
Mountevans spoke to reporters at the offices of the U.S.unit of Legal & General Group Plc. The British lifeinsurance, pensions and investments giant manages assets ofaround $1.1 trillion around the world.
Robert Moore, chief executive of Legal & General's U.S.unit, which manages assets of around $130 billion, said thatuncertainty over the UK's future will provide "added noise" forinvestors amid a contentious U.S. presidential electionscheduled for Nov. 8.
He said that uncertainty would likely lead to morespeculation and turmoil in the coming months while Britain'sConservative Party chooses a new prime minister.
"At the margin you get and will continue to get those whoare speculative," Moore said. "We've seen that in the past weekand we'll continue to see some evidence of that." (Reporting By Nick Carey; Editing by Bill Rigby)
