ANL 30.68 Increased By ▲ 1.83 (6.34%)
ASC 14.94 Decreased By ▼ -0.21 (-1.39%)
ASL 23.90 Decreased By ▼ -0.25 (-1.04%)
AVN 92.00 Decreased By ▼ -5.95 (-6.07%)
BOP 9.14 Decreased By ▼ -0.16 (-1.72%)
BYCO 10.25 Decreased By ▼ -0.10 (-0.97%)
DGKC 135.60 Increased By ▲ 0.10 (0.07%)
EPCL 50.00 Increased By ▲ 0.02 (0.04%)
FCCL 24.62 Decreased By ▼ -0.54 (-2.15%)
FFBL 24.25 Decreased By ▼ -0.97 (-3.85%)
FFL 15.60 Decreased By ▼ -0.44 (-2.74%)
HASCOL 10.74 Decreased By ▼ -0.33 (-2.98%)
HUBC 85.20 Increased By ▲ 0.20 (0.24%)
HUMNL 7.35 Decreased By ▼ -0.35 (-4.55%)
JSCL 24.85 Decreased By ▼ -0.90 (-3.5%)
KAPCO 37.85 Increased By ▲ 0.40 (1.07%)
KEL 4.15 Decreased By ▼ -0.02 (-0.48%)
LOTCHEM 14.78 Decreased By ▼ -0.35 (-2.31%)
MLCF 46.60 Decreased By ▼ -0.58 (-1.23%)
PAEL 38.25 Decreased By ▼ -1.15 (-2.92%)
PIBTL 11.80 Decreased By ▼ -0.24 (-1.99%)
POWER 10.50 Decreased By ▼ -0.15 (-1.41%)
PPL 90.55 Decreased By ▼ -0.45 (-0.49%)
PRL 26.10 Decreased By ▼ -0.59 (-2.21%)
PTC 8.95 Decreased By ▼ -0.10 (-1.1%)
SILK 1.40 Decreased By ▼ -0.05 (-3.45%)
SNGP 38.10 Decreased By ▼ -0.65 (-1.68%)
TRG 141.10 Decreased By ▼ -4.60 (-3.16%)
UNITY 31.50 Decreased By ▼ -1.40 (-4.26%)
WTL 1.57 Decreased By ▼ -0.04 (-2.48%)
BR100 4,936 Decreased By ▼ -22.94 (-0.46%)
BR30 25,403 Decreased By ▼ -330.65 (-1.28%)
KSE100 45,865 Decreased By ▼ -100.6 (-0.22%)
KSE30 19,173 Decreased By ▼ -26.07 (-0.14%)
Business & Finance

French central bank sees firms speeding up Brexit relocation this year

  • Many UK-based financial firms have already opened subsidiaries in the European Union to keep unfettered market access known as "passporting" since Britain left the bloc.
  • Other relocalisations are expected and should accelerate over the course of the year.
19 Jan 2021

PARIS: More London-based financial firms are expected to relocate to France this year after Britain completed its Brexit transition, the head of the French central bank said on Tuesday.

Many UK-based financial firms have already opened subsidiaries in the European Union to keep unfettered market access known as "passporting" since Britain left the bloc.

Bank of France governor Francois Villeroy de Galhau said nearly 2,500 jobs had already been transferred to France and some 50 firms had received operating licences, while 170 billion euros ($205.96 billion) in assets had been moved to France.

"Other relocalisations are expected and should accelerate over the course of the year," Villeroy said in a New Year video message to the French financial sector.

He said Brexit created an opportunity to reinforce market infrastructure, in particular for the clearing of interest rate derivatives, which has until now been largely done from London.