Financial markets

From bleeding the financial centre of London?

In the UK, investors pull out, according to the Brexit vote because of the feared disadvantages, apparently, a massive capital. Not only is the British pound crashes, the real estate prices get lower pressure.

Three billion-dollar real estate Fund the redemption of units temporarily refused to stop the deduction of customer deposits for the time being. Thus, the investment company Henderson Global moved to the Brexit vote now for a 4.5-billion Euro Fund for the ripcord. Columbia Threadneedle and Canada Life stopped withdrawals then also.

Previously, the investment companies Aviva and Standard Life were frozen for two real estate funds. In the case of investors of the British withdrawal from the European Union, uncertainty after the vote. Pull your money therefore. To avoid the threat of a liquidity shortage, can seem open-ended real estate Fund the redemption of units temporarily refuse to be forced into distress sales of objects.

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Closeout on the stock exchange

The harder the sell-off in the stock market. The prices of listed real estate funds (REITs), and asset managers are in the descent, the British banks as well. The latter could in addition get in distress, should the downward spiral in real estate prices actually. Then high write-downs threaten again. So many feels to the financial crisis of 2008 recalls. The UK’s major banks have not completed the clean-up.

The regulatory authorities are trying to get the fire quickly under control. Of a liquidity problem in the financial sector as a whole could be no question that the situation is much better today than eight years ago, the British Central Bank announced. Analysts are more skeptical. “If Open-end funds, the market is nervous.” This is because the large funds could be forced, in the end, building with discounts for us to strike, to use the Payout to investors ‘ preferences – and thus the entire market down.

The crash of the British pound suggests that investors sell their Investments on the island. Due to the uncertainties of the Brexit apparently creates the currency of the United Kingdom, once again under strong pressure. Cost them on Wednesday (6.7.2016) for the first time since 1985, less than 1.30 US dollars. International investors sell their investments, then they exchange the received in pounds into another currency and thus generate pressure on the exchange rate.

Solidarity

Meanwhile, representatives of Goldman Sachs, Morgan Stanley, JP Morgan and Bank of America subsidiary Merrill Lynch have assured after a Meeting with British Finance Minister George Osborne that they wanted to work together to maintain the leading Position of London as a financial market centre. No other city in Europe has such a strong capital market. The British Bank Standard Chartered, which has its business focus, has however, in Asia, renowned for the London site.

The money houses avoid promise after the Brexit vote, however, to get Jobs in the country. Other financial centres such as Paris and Frankfurt are trying to benefit from the uncertain situation on the island. It is feared that British banks at an EU-exit only restricted access to the European single market. JP Morgan boss Jamie Dimon had warned before the Referendum, Brexit-up to 4,000 employees from the UK to deduct.

Hessisch instead of English?

Stock market expert Dirk Müller believes, however, that London is bleeding as a financial centre. “This will not happen, why?”, he asks in the Austrian daily newspaper “der Standard”. “The City of London is an over decades grown complex organism with hundreds of thousands of nodes and networks that are closely linked to each other.” London is not a city with a couple of workstations and telephone lines, ripping and arbitrarily quickly somewhere else could build. And: “The international Bank language is English. London is English. Who can seriously believe that the financial world is moving now to Frankfurt and maybe the Hesse learning?”

Presumably, the individual departments would be transferred from the legal necessity to Frankfurt, believes Müller. “We are talking here of a few Thousand jobs, so a maximum of three percent. The great mass will, of course, stay in London and even new capital and jobs to attract.” It is even expected that London drop the shackles of Brussels, the regulations for the banks and reduce the tax rates for companies down, going to put. London will, therefore, be a more interesting Bank Paradise as it is now, says Mr. Dax, well-known stock market journalist Dirk Müller.

whom/ul (rtrd, dpa, standard.at)