{"id":106207,"date":"2021-02-03T10:40:19","date_gmt":"2021-02-03T10:40:19","guid":{"rendered":"https:\/\/fin2me.com\/?p=106207"},"modified":"2021-02-03T10:40:19","modified_gmt":"2021-02-03T10:40:19","slug":"switzerland-lifts-ban-and-london-will-resume-trading-swiss-stocks","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/switzerland-lifts-ban-and-london-will-resume-trading-swiss-stocks\/","title":{"rendered":"Switzerland lifts ban, and London will resume trading Swiss stocks"},"content":{"rendered":"

ZURICH\/LONDON (Reuters) – Britain can now claim at least one advantage from leaving the European Union: Switzerland\u2019s government will permit Swiss stocks to trade on London\u2019s markets again.<\/p>

FILE PHOTO: Buildings are seen in the Canary Wharf business district, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain January 27, 2021. REUTERS\/Peter Cziborra<\/figcaption>

Trading will resume on Thursday after Switzerland lifted a 19-month ban on Wednesday. That will partly make up for the City of London\u2019s loss of euro share trading to the EU last month after Britain completed is departure from the bloc.<\/p>\n

Brussels stopped EU investors from trading on Swiss exchanges in June 2019 after a treaty row. Switzerland then banned EU exchanges from trading Swiss shares.<\/p>\n

But Britain is no longer bound by EU rules since its full departure from the bloc, and the countries are working to rebuild bilateral ties. Switzerland is not a member of the EU, and on Wednesday, the Swiss financial markets supervisor FINMA said here trading could resume.<\/p>\n

The return of Swiss trading will be a small boon for London\u2019s equity markets. Brexit caused more than 6 billion euros ($7.21 billion) worth of daily share trading in EU stocks to leave London for platforms in Amsterdam and Paris on Jan. 4.<\/p>\n

Before the EU ban, London platforms handled around 1.2 billion euros daily in Swiss shares, or about 27% of the total volume, Cboe Europe figures showed. The roster of shares that can trade include names like Nestle and Novartis.<\/p>\n

Cboe Europe and Aquis Exchange said they would start offering trading in Swiss shares in London on Thursday. London Stock Exchange\u2019s Turquoise could not be reached for comment.<\/p>\n

Swiss stock exchange operator SIX hailed the news.<\/p>\n

\u201cWe\u2019ve always supported open and international capital markets, and it\u2019s in the interests of national and international investors,\u201d SIX Chairman Thomas Wellauer said in a statement.<\/p>\n

\u201cThe mutual recognition of equivalence will permit a healthy exchange and competition between the major financial centres in Switzerland and the UK.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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