Euronext CEO sees 'diminished role' for London as financial hub after Brexit: Bloomberg
- Wall Street falls sharply on worries about banks
- Some Deutsche Bank (DB) Clients Said to Reduce Collateral on Trades
- Qualcomm (QCOM) in Talks to Acquire NXP Semiconductors (NXPI) - DJ
- Costco Wholesale (COST) Tops Q4 EPS by 4c; Comps Rose 3%
- After-Hours Stock Movers 09/29: (MENT) (CEMP) (COST) Higher; (CAMP) (ABUS) Lower (more...)
Stephane Boujnah, CEO of stock market operator Euronext, poses during a photocall at the compagny headquarters in Courbevoie, France, May 4, 2016. REUTERS/Jacky Naegelen
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Reuters) - Britain's decision to leave the European Union was likely to "diminish" London's role as a global financial center, potentially creating opportunities for Pan-European exchange Euronext (NYSE: ENX) to win Chinese business, its chief executive told Bloomberg Television.
Stephane Boujnah said Chinese investors were "weighing their options" about the right gateway for the European market. http://bloom.bg/2d1PXJe
"Post-Brexit, there is more uncertainty about the future of relationships between the UK and continental Europe," he told Bloomberg.
Financial companies based in London are concerned that Britain's June 23 vote to leave the EU could end so-called passporting rights for them to sell products across the bloc.
The potential withdrawal of passporting rights could see London shrink as a global financial center, sending key players in the country's biggest tax generating sector into the arms of foreign rivals.
Boujnah said Euronext was working with the Shenzhen Stock Exchange on projects related to its index, technology and investor-services. The bourse operator was also arranging for European-listed firms to meet Chinese investors in Beijing next week, he said.
Euronext operates bourses in Paris, Amsterdam, Brussels, London and Lisbon.
(Reporting by Noor Zainab Hussain in Bengaluru; additional reporting by Esha Vaish; Editing by Amrutha Gayathri)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Turkey pulls plug on 20 radio, TV channels in post-coup emergency decree
- Germany's Bosch sues South Korea's Mando in U.S. for alleged patent infringements
- Investigators search for clues in Hoboken train crash
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!