BoE's governor Bailey: EU locality policy for financial services is controversial of dubious legality

Market news

24 February 2021

BoE's governor Bailey: EU locality policy for financial services is controversial of dubious legality

Noticeable that EU location policy for financial institutions seems to be coming to surface
Asking firms to move businesses would be escalation
We would be concerned from financial stability perspective if EU tried to force institutions to localise some operations in EU
Erosion of stability of global clearing system would be a concern
Numbers on Covid are now more positive for UK economy
Evidence so far of current lockdown is that activity puts it midway between first and second lockdown

U.S.: New Home Sales, January 0.923 (forecast 0.855)

U.S.: 10-year Bond Yields to rise to 1.82% by end-2021 - Credit Suisse

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