Notes

Farnoush Farsiar claims Brexit helped the UK financial markets despite the dire predictions

Farnoush Farsiar a former senior director at Emirates NBD is passionate about the Brexit.

Her extensive knowledge in finance and wealth has given her an unique perspective.

Farnoush has written two pieces for BrexitCentral in 2019, and it seems that a lot of her predictions proved correct today.

Recalling Farnoush's prediction regarding Brexit
Farnoush Farsiar holds the view that leaving Europe would let the British economy to be free of unnecessary regulations.

It will enable London's city London to realize its full potential.

A regulatory intrusion has made it hard for the financial services industry to operate within MiFID II (Financial Instruments Directive).

Regulations that are dynamic are crucial to keeping your business on top of the market.

Farsiar stated that London is the capital of the largest financial institutions in Europe, has a significant impact on the economics.

The financial services industry in Britain could develop to be the best if it's absolutely free.

British market for financial services will be impacted by Britain's withdrawal from the European Union and its conditions.
They'll become self-sufficient once more and won't be able to blame Brussels anymore.

The reduction of corporation tax should be a top priority. Also, it is crucial to repeal EU legislation. This would encourage foreign investors as well as stabilize the financial market.

What was the UK Market Prediction before Brexit
According to a Deloitte report, the UK attracted the highest amount of Foreign Direct Investment between 2015 and 2018, than any other European country.

Additionally, the report highlighted London surpassing New York as the most attractive city to invest in inwards.

It is among the few truly global and internationally-minded cities.

Stock trading is one of these rules.

Restricting high-frequency trading or other financial services decreases the efficiency in the whole market.

High frequency trading that lacks speed can lead to frequent trading, which can reduce the level of excellence in the industry.

Instead, Brexit will allow Britain to provide investors with lower options.

London could not keep pace with the world due to anti-commerce policies. Industry experts repeatedly warned about the high costs that small and mid-sized businesses will have to shoulder.

Andrew Bailey, CEO of Financial Conduct Authority (FCA), envisioned "the future regulation of financial conduct".

Bailey explained how the UK can be compared with other international authorities.

The idea behind the "future of financial conduct regulations" was to devise an "outcome specific" and "lower cost" approach.

Brexit offers the UK the chance to increase its global financial impact and avoid any restrictions from the EU.

This restriction is hindering the softer regulations that the UK used to have before and are hindering startups and businesses from growing and being competitive in the world market.

Brexit is sure to ensure that technology hubs are firmly ensconced within the flourishing of their cities.

Bailey said that "if we were to do it the way we want to... the UK regulatory system would evolve slightly differently."

There was a serious concern about the UK's finance market
Competitive advantage, economically means having an advantage over your competition by being an expert in your industry.

The UK was worried about the collapse of the capital's financial infrastructure due to the new regulations.

They would therefore be less attractive for international investors and businesses would move to Paris, Frankfurt, or Amsterdam.

The main fear of the UK financial market was that trading would be restricted by the European Union.

Another concern was that export and import is likely to become more expensive.

Britain wants to be the financial services center of the world.

Post pandemic and mid Brexit Farnoush Farsiar believes in a more positive future
Farnoush Farsiar predicted the Brexit outcome , and the prediction was not too far-fetched.
There is some hope for the British economy if you take a look at the debate.

Since December of 2020, 7,600 people have been relocated to Europe as a result of Brexit. This has led to a decrease in the number by approximately 100.

These figures are in line with PwC estimates from April 2016, just before the referendum. They estimated that up to 100,000 jobs in finance could be lost If Britain votes Leave.

Despite this, Britain's stockmarket is now on the rise despite the sharp decline covid.

The UK is open to competition with rest of the world after removing the EU restrictions.

The British market for stocks is attracting large corporations, which has helped maintain its position as a world leader.

The European Market is the only factor that has led to a decline in the industry of financial services.

The decrease in the trade of seafood and fish was the main problem facing British Islands.
Though it is notable that, due to the decrease in trade between Europe the price of living actually went higher.

But all in all, Farnoush Farsiar was right and Brexit is a good decision for the finance sector, and let the city of London to realize its full potential again.


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