Thread by @semperfidem2004

THREAD 1/ Such warnings have repeatedly been issued but are hollow. 99% of what the City does is wholesale, which has no need for SM membership
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2/ Only activities needing SM are RETAIL & that is mostly domestic. Exceptions: retail & private banking

3/ To continue EU retail lending, banks need subsidiary that can accept deposits; for SME & private banking product sales, sales staff need to move

4/ Relocation announcements have been underwhelming. Most are small moves to staff subsidiary plus small retail trading desks

5/ Bigger announcements only from few banks with big private banking &/or SME + investment banking franchises ...

6/ ... & of those, only the few banks who decided to sell financial products from London, rather than local desks - which is what most banks still do

7/ Rather than City as a whole disliking change, as the erudite Virtuti says, it is the few big banks who have used SM to flex their economies of scale who are complaining

8/ The "direct to customer from London" model only possible for big banks & enables them to keep smaller players out

9/ They are the ones squealing. They also own TheCityUK which is a propaganda instrument for the big banks

10/ Equivalence & MIFID are only solutions for those big banks retail models which are peripheral to the City

11/ I rather think UK should scrap MIFID & attract wholesale business of all sizes & increase competition & flexibility
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12/ MIFID is a pain in the ass which most operators would love to get rid of. Big banks who own CityUK love it because only they can afford the 800 compliance officers

13/ Other reason why big CityUK owning banks like JPM support the EU is nakedly political

14/ BBC's NWO leftist Stephanie Flanders also works for Morgan. Osborne & his former adviser Rupert Harrison at Blackrock

15/ EU abets the unhealthy, incestuous cabal between politics & finance which was the main cause of the last financial crisis END
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6b/ PS these 3,340 Brexit relocations from banks compares to absurd, laughable forecasts of 75,000. Anyone who believed that has egg on their face