"Get Ready 4 another leg up Army"16 Feb 2021 15:23
Point on which I see Banks propelling higher
1)*Brexit over and done with, we have a deal not the best of deals but it is better then a no deal & as the Bank of England prepares first clear break from Brussels EU rules now torn apart. Brexit Britain will begin to re-shape the financial sector. The European Union has refused to grant equivalence to the City of London following the end of the Brexit transition period in January. But the UK banks are adjusting and we will not be dictated to by the EU, & saying that, talks are still on going & as Mr Bailey (BOE) warned the UK would not be forced to follow EU rules to the letter & that sensible agreements over what constitutes "equivalence" were needed.
2)* Eyes now turn to new global opportunities we can now do what we like & Barclays boss Jes Staley believes Brexit gives the UK the opportunity to define its own financial future & remain competitive with markets outside of Europe.
Jes Staley said “I think what London needs to be focused on is not Frankfurt or Paris – it needs to be focused on New York & Singapore
3)*London is still a world leading dominating city “In forex, London has several important advantages. The location & time zone are a midpoint between the US & Asia. It has scale in having such a significant number of international banks in one city, plus the network of supporting services, by comparison, EU expertise is scattered among centres such as Amsterdam, Frankfurt and Dublin it's all over the shop. London also has the infrastructure required for state-of-the-art high-frequency trading, not least the transatlantic cabling landing stations and data centres.” the key to the future is to maintain & enhance standards & regulatory oversight so that major firms continue to have confidence in London as a place to do business
4)* There was no such commitment to equivalence in the Brexit deal, only a memorandum of understanding that talks would stay open and there would be an agreement on financial services regulation by March 31 that would hopefully include equivalence. There are still no signs of a mass exodus, however for example, Deutsche Bank initially suggested that it may move up to 4,000 jobs to Frankfurt, but now that number looks more likely to be in the low hundreds, this could reflect a “wait-and-see” approach from financial institutions, so London will probably continue to be a dominant player in this market, & is well placed to benefit from a likely rise in the trade in emerging markets currencies. London will be competing much more with Asia than with Europe. No longer having to coordinate and agree with 27 EU countries should enable the UK to be more nimble, which could be a big advantage in attempting to corner emerging areas such as green investment and fintech. This could include developing and regulating new financial products.
5)*NO PPI... 6)* Dividends starting soon... 7)* Covid over soon.. & Things only will improve from here & the list can go on Hold 4 7
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