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NEWS LMAX Exchange fires Brexit warning
British government must preserve the EU single market passporting rights for the financial services industry, in the wake of the Brexit vote earlier this year. If this doesn’t happen, the FX trading venue plans to get regulated in Ireland and believes it is inevitable that larger banks, funds and investment managers will do the same.
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LMAX Exchange has clients in over 90 countries today, including 22 of the EU states and current operating presence in the US, Japan, Australia, New Zealand and Hong Kong. It argues that the risk of losing access to 25% of its current client base is significant.
David Mercer, Chief Executive of LMAX Exchange, says: Scott Thompson Banks play blockchain waiting game
are experimenting with blockchain, whilst one in five are piloting a specific service, according to SIX Securities Services research. Many, however, believe a real solution is at least six years away. Settlement and clearing are identified as areas where technology will have the greatest impact. Whilst regulation will be the biggest barrier to adoption, followed by a lack of skills.
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The research, conducted by Vanson Bourne, consisted of 50 interviews with c-level decision makers in organisations classified as either a D-SIBS, G-SIBS or clearing houses. These were split between the UK, Switzerland, France, Germany, Italy, Spain, Nordics and Benelux. It found that 32% have developed a proof of concept, while 18% are piloting a specific product or service. 14% of total respondents say they have set up a blockchain focused innovation lab, while 12% have partnered with a blockchain company.
Thomas Zeeb, CEO of SIX Securities Services, comments: “A lot of the conversations we are seeing around blockchain
are on the technical level, looking at what is feasible rather than what is desirable from a business standpoint. Blockchain has the potential to make a number of business models and intermediaries obsolete, which isn’t necessarily a bad thing. It is, however, important to question the changes that this would bring to the ecosystem. Until the industry has clear indications on sustainable use cases – including costs and benefits – it will be difficult to convince top managers to bring their trusted systems into these new domains.”
Scott Thompson hree quarters of financial organisations
“The net effect to the economy could be severe with new foreign investment into financial services choosing the EU over the UK, and existing investment and jobs leaving the UK in short order. Furthermore, lost capital markets revenue and associated taxation income could be catastrophic for the UK.”
CA regulated LMAX Exchange has said the
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