Daily Management Review

The EU’s banking regulators should prepare for a cliff-edge Brexit scenario: BaFin


10/24/2017


In the post-Brexit scenario regulators will need to have a tool set to correct temporary market distortions.



On Tuesday, Germany’s top financial regulator stated, the EU’s banking regulators will need temporary fixes in the event of UK-based banks facing a cliff-edge after the Brexit regulations in March 2019, which could create dangerous market distortions.
 
As per Felix Hufeld, BaFin’s president, Britain’s departure from the European Union “certainly won’t be a piece of cake”.
 
Given the fact that despite five rounds of Brexit negotiations, interlocutors from the EU and Britain have made little headway, regulators will have to assume that Britain is likely to face a “cliff edge situation” said Hufeld.
 
In an event organised by zeb consultants in London,  Hufeld said, regulators will need “adequate” temporary solutions to avoid dangerous “distortions” in markets while entering a post-Brexit scenario.
 
“Things that can be tolerated at the start, for instance to avoid cliff effects, must be brought into an appropriate balance in the medium term,” said Hufeld. 



References:
reuters.com
 







Science & Technology

New Security Study Finds Millions Use 123456 As Password For Email Accounts

The Devastating Panama Disease Could Spell Extinction For Bananas

Walmart to hire 4 thousand robot cleaners

Samsung Galaxy Fold: Expensive but fragile

USA and South Korea launch the first commercial 5G networks

Deliveries of AR/VR devices to grow by 54% in 2019

Anti-Stall System Got Activated Before Crash In The Ethiopian 737 MAX Craft: Reuters

Google’s Global Council To Advocate On AI Ethics

US wants to send astronauts to the moon by 2024

Apple shows new entertainment services

World Politics

World & Politics

Foxconn Head Gou Could Run For Taiwan President Election Next January

France opposes EU-US trade negotiations

United States and China to implement trade agreement

Norway's largest party to ban oil production near Lofoten Islands

Estonia's euroskeptics are about to join the government

Eastern Europe wins in double food standards fight

White House Received New Sanctions’ Package For Russia: Bloomberg

EU will stop saving migrants in the Mediterranean