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EU watchdog wants new rules for foreign exchanges after Brexit

EU watchdog wants new rules for foreign exchanges after Brexit© Reuters. FILE PHOTO: Maijoor addresses the Asian Financial Forum in Hong Kong

LONDON (Reuters) – European Union rules are needed after Brexit to regulate foreign securities trading platforms that want to serve EU investors, the bloc’s markets watchdog said on Thursday.

Steven Maijoor, chair of the European Securities and Markets Authority, said there was a need for a more consistent approach to how foreign trading venues access the bloc.

Many trading platforms are based in London, and Britain is due to leave the bloc next March, becoming a “third country”.

The EU’s executive European Commission has already proposed tightening up conditions for foreign investment banks who want to serve EU customers.

“We would welcome an initiative by the Commission with respect to third country trading venues,” Maijoor told a meeting of the Federation of European Securities Exchanges in Vienna.

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Source: Investing.com

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