Britain will change its rulebook to allow banks to take more risks to help to keep the City of London's status as a leading global financial centre, a government minister said on Tuesday.
The City of London was largely cut off from the European Union by Brexit and faces greater competition from centres like Paris and Frankfurt, as well as longstanding rivals like New York and Singapore.euro derivatives clearingCity minister Andrew Griffith said a new financial services bill now being approved in parliament will bring financial rule books up to date, make regulators nimbler,"The overall thrust of things is to allow more risk...
The focus will be on keeping Britain an open financial market which allows skilled labour to move in and out, reducing "friction" through proportionate rules, and "alignment" with regulation elsewhere, wherever possible, Griffith said. The crypto market has been through a turbulent few weeks following the collapse of the FTX crypto exchange, which has hit otherBritain's reputation as a stable location for financial services took a severe knock in September when a "mini-budget" led to turmoil in bond markets, forcing the Bank of England to intervene., told the FT event that while new prime minister Rishi Sunak had calmed markets, the period of political chaos had had a lasting effect on investor appetite.
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