German Regulators to Meet With Banks for Brexit Plans

German regulators will meet more than 20 foreign banks on Monday to spell out requirements for moving some operations to Frankfurt, people familiar with the matter said, as the city accelerates plans to win over business from London after Brexit.

The meeting, the first such gathering of its kind in Germany, is being hosted by financial supervisor Bafin to cope with increasingly detailed inquiries from banks as Britain prepares to trigger EU divorce talks, people involved said.

“Bafin wants to give the participants an overview of the main issues for those who want to move businesses to Germany after Brexit,” said one of the people involved.

The sources said Bafin would make it clear that no “letter-box” operations would be accepted and that banks would have to have significant risk management arrangements and senior executives based in Frankfurt.

Other people said officials from the German central bank and the European Central Bank would also attend.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza