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London to remain central hub for finance managers
London is set to retain its position as Europe's premier financial city thanks to the introduction of new European Union regulations.
The Markets in Financial Instruments Directive II will prevent any EU policy from directly or indirectly discriminating against any member state as a venue for financial services.
This allays fears that certain parts of the industry would be forced to move to the eurozone and the news will be welcomed by finance managers as it should ensure their positions in the capital are more secure.
Head of financial services at law firm DLA Piper Michael McKee told the London Evening Standard the announcement is good news for Britain.
"I think that what has been reached is the best outcome - especially given the fact that the political dynamics are pretty negative for the UK in Europe at the moment," he stated.
However, tensions between Europe and the City remain, with the UK currently pursuing legal action against the European Central Bank over proposals that would require all clearing houses to operate within the single currency area.
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