Bern warned Friday it was prepared to retaliate if the EU does not reassess its decision to give the Swiss stock exchange only temporary access to the bloc's single market. The European Commission announced late last year that it would limit to one year its recognition of the so-called equivalence of Swiss trading venues, which is essential to allow European banks and investors to continue to trade in the Alpine country.
According to that decision, which infuriated Bern, an extension of Switzerland's stock market equivalence after the year is up will depend on progress in broader Swiss-EU negotiations. The Swiss government warned Friday it was prepared to introduce a recognition system of its own that would exclude EU trading venues. The government said in a statement that it remained "committed to ensuring the European Commission indefinitely extends the stock market equivalence," reiterating its strong view that "Switzerland meets all the conditions for unrestricted recognition." It lamented that it had received indications from Brussels that no reassessment of its status was expected until the end of this year.
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