Brexit ‘not totally bad’ for City of London, says Berlin Stock Exchange boss

The chief executive of the Berlin Stock Exchange says Brexit may not be as bad as initially thought for UK financial firms.

Artur Fischer said on Friday that UK-based banks and City firms could follow the example of US firms trading with EU businesses.

“When you look at it, it’s not totally bad,” he told the BBC.

Mr Fischer added: “If a company based in the UK wants to promote its services in the EU then they need a licence … and a presence in the EU.

“There has to be a real operation in the EU which means real control, real management, real people and real processing have to be located in the EU in order to sell services.”

Denmark’s prime minister Lars Lokke Rasmussen warned Theresa May on Monday that Brexit would create more bureaucracy for businesses trading between the two countries.

Source: Independent 

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