World share trading on London UBS platform collapses after Brexit
Brexit: what is changing for trade with the United Kingdom
© AFP The first exchanges of passengers and goods took place on January 1, particularly in Calais, where 70% of trade between the United Kingdom and the EU. On January 1, the United Kingdom became “a third country” to the European Union. This implies new formalities which are nevertheless counterbalanced by the trade agreement signed between the EU and the British on December 24, the progressivity of a number of the new rules.
(Bloomberg) - The London platform of UBS Group AG has lost almost 50% of European shares business to competitors in Amsterdam and Paris due to Brexit.
The Swiss bank had not opened a new location for share trading within the European Union, but continued to rely on its London platform UBS MTF. The daily share trading volume there has now dropped to 307 million euros last week, according to data from Cboe Global Markets Inc. The market share halved to just 0.8%.
While these losses affect only a small fraction of the bank's overall equity business, they underscore the UK's declining role in European equities trading. And this exodus from London will be permanent forof the bosses of Cboe Europe and Aquis Exchange Plc.
Chief characters in Britain's Brexit saga
Here are some of the key figures who have played pivotal roles in Britain's drawn-out Brexit saga, from the 2016 referendum on European Union membership to its eventual departure from the single market and customs union. - Nigel Farage - A eurosceptic member of the European Parliament and former leader of the UK Independence Party (UKIP), Nigel Farage campaigned to leave the EU for 25 years. It was a surge in support for UKIP in the first half of the last decade that helped push then-prime minister David Cameron into calling the 2016 vote.By focusing his campaign on mass immigration, Farage attracted controversy.
Since the completion of Brexit on December 31st, investors based in the EU have been prohibited from trading shares in companies such as Airbus SE or BNP Paribas SA in London. Only British and international investors ensure residual business with EU shares in the British metropolis. UBS is one of the few large platforms that has not established an EU location as a Brexit alternative.
A UBS spokeswoman declined to comment.
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Silver and platinum will outperform gold in 2021 as the economy recovers and industrial demand supports higher metals prices, says UBS .
UBS Global Wealth Management strategists said silver and platinum will outperform gold in 2021 as the economy recovers and industrial demand picks up. A greater focus from policymakers on renewable energy and decarbonization in 2021 may also help silver. According to UBS, more than 50% of silver used in industrial applications is linked to solar panels and electronics. Meanwhile, gold will struggle to attract sufficient exchange-traded fund inflows to sustain prices north of $US1,900, said UBS. The firm sees the asset finishing the year 2.5% below current levels, at $US1,800 per ounce.