Paris is the most popular venue for those financial service groups that plan to relocate EU market activities from London to the continent because of the cessation of UK membership (Brexit).
The London Financial Times Financial Times, referring to banks’ well-known sources of thinking in this regard, wrote on Monday that JP Morgan Chase, BlackRock, Bank of America and Citigroup are among the largest in the process of the resettlement process in Paris, garrison “.
According to the source, 70 London-based management companies have begun the process of acquiring a Paris license. The largest of them was BlackRock, which has invested $ 6,300 billion in investor capital, and is considering taking over Paris as the center of its entire European business.
The Bank of America accelerated its preparations for Brexit in the summer, announcing the creation of a new trading platform in Paris with a thousand jobs. According to Financial Times, JP Morgan Chase is “increasingly attracted” to Paris.
Christian Noyer, former governor of the French central bank, who, according to the Financial Times, is the manager of the “Paris Smile Offensive”, told the paper: Banks and fund managers are trying to focus their European trading activities on a single EU site. Noyer says this does not mean that in the future, not London will be the largest financial services center, but Paris can become the major financial services node in continental Europe.
The EC’s global financial advisory firm, which measures the Brexit mood of City’s financial services companies on a monthly basis, in its Financial Services Brexit Tracker (September) has shown that 35 percent of the 222 London-based companies it deals with – 77 companies in the survey sample migration or the relocation of certain areas of activity and / or jobs.
According to the EC, the proportion of city-based financial firms working on such plans has increased by 5 percentage points year-on-year.
According to the company’s survey, the proportion of companies that have at least one European resettlement site has already been selected has increased: in the September survey, 25 percent of the 222 financial service providers – 56 – specifically named a new location outside London. At the end of last year, 19 percent – 42 companies – said in the same company that they had already selected a city on the continent where they moved their jobs or jobs from London.
Companies responding to the EC question asked Dublin, Frankfurt, Luxembourg, Paris, Madrid and Milan to be a new venue for activities to be relocated from London.
According to the latest global investor survey, market participants are now the world’s number one financial service center now holding New York, leading London’s ranking list for years to come, with a minimal difference, though it has been ranked second.
One of London’s largest financial advisory groups, the Global Financial Centers Index (GFCI), published in the autumn edition of the Global Financial Centers Index (GFCI), London 786, New York received 788 points out of the thousands of points earned by Z / Yen Group.
In the previous global ranking list in March, the first ranked London 794, New York scored 793 points.
The Z / Yen experts emphasized in their analysis of the new compilation that, due to the uncertainties created by the Brexit process, the participants in the London Investor survey expressed less confidence in the future role of London as a financial center than respondents from elsewhere about the future of their financial services role. Typically, the reverse side of the house is usually used, meaning that the interviewed market players usually judge the status of their own activity base better than other financial centers.