The European Union will only decide how to reform its share trading rules once it knows whether exchanges in Britain will have access to the bloc after a post-Brexit transition period ends in December, a senior EU official said on Tuesday.
FILE PHOTO: Small toy figure is seen in front of UK and European Union displayed flags in this illustration picture, October 17, 2019. REUTERS/Dado Ruvic/Illustration
One UK exchange has accused the EU of a “land grab” in trying to steal market share from London, where heavy volumes are traded in companies whose main listing is in the EU. Carsten Ostermann, a policy officer at the EU’s markets regulator ESMA, said there was consensus on reducing the scope of the STO to shares that have their main pool of liquidity inside the EU, Ostermann said.Stephane Boujnah, CEO of pan-European exchange Euronext, said the STO should be kept and limited to shares whose primary listing is in the bloc, with dual-listed shares exempt.
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