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After ‘Brexit,’ Finding a New London for the Financial World to Call Home

nytimes.com

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Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#71

Post by [deleted] »

loopbit wrote: post #65
arethuza wrote: post #50

Earlier quoted context omitted.

Scottish banks do indeed print their own bank notes (as do some in NI)- but they are for the GDP. Mind you, you used to get situations (a while back) where foreign exchange places in Europe would give you worse exchange rates for Scottish notes rather than English ones.

Foreign exchanges giving worse exchange rate is better than the situation I've had many times in england, were I was simply unable to pay with or exchange northern irish or scottish pounds. Someone told me that, by law, they have to accept those notes, but I still have ~40 NI pounds that I took to london on a trip a couple of years ago and had to take back with me.

[deleted]

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#73

Post by doc_holliday »

loopbit wrote: post #65
arethuza wrote: post #50

Earlier quoted context omitted.

Scottish banks do indeed print their own bank notes (as do some in NI)- but they are for the GDP. Mind you, you used to get situations (a while back) where foreign exchange places in Europe would give you worse exchange rates for Scottish notes rather than English ones.

Foreign exchanges giving worse exchange rate is better than the situation I've had many times in england, were I was simply unable to pay with or exchange northern irish or scottish pounds. Someone told me that, by law, they have to accept those notes, but I still have ~40 NI pounds that I took to london on a trip a couple of years ago and had to take back with me.

By law they have to do no such thing.

It's a a very tender point with people because people get weirdly patriotic regarding Scottish Pound Notes. But they are a sort of bizzare currency.

Scottish notes are a legal currency, but not a legal tender. In fact there is no such thing as legal tender in Scotland. Even BoE notes are not legal tender in Scotland.

Legal tender only means you can legally pay down debts by court order in the given currency. BoE notes fulfill this job, but only in England & Wales.

"Someone told me that, by law, they have to accept those notes"

No, they don't even have to by law accept BoE notes in England. Only for paying down debts by law is that true.

Any shop or whatever can refuse or accept anything you give them.

However, to add further confusion, every single pound of Scottish notes is backed up by BoE pound sterling.

In the banks that print Scottish notes (Clydedale, RBS, Bank of Scotland) they have to keep an equal ammount of BoE Sterling.

They even created special notes so they could hold the currency in their vaults in Banks.

You can get £1,000,000 and £100,000,000 notes called Giants and Titans, which back up the Scottish and NI pound notes.

What you are legally entitled to do however (I think?) is go into any branch of Bank you have a Scottish note of and request the equal in BoE note.

So if you have £20 RBS Scottish note, you can go in to an RBS branch legally and claim your BoE note with a nice picture of Adam Smith on it :)

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#74

Post by arethuza »

Reason077 wrote: post #63
arethuza wrote: post #18

Earlier quoted context omitted.

Edinburgh is probably far too small and the centre is too protected (it's a World Heritage Site) for much development to happen here. I'll admit to possibly being a bit of NIMBY in my comment as I live and work in central Edinburgh! http://whc.unesco.org/en/list/728

Edinburgh is a similar size to Zurich - a city regarded as one of the world's most important financial centres.

What I meant is that I doubt Edinburgh could handle an influx of additional bankers on a large scale. I don't think there would be many places for them to go in the actual city itself.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#75

Post by sveme »

bodyfour wrote: post #53
simonh wrote: post #27

Earlier quoted context omitted.

> It's also not that clear that Brexit will force finance away from London, which is well entrenched. Maybe not all, but a lot. Over the last few decades London has captured a lot of business that has to be conducted within the EU for regulatory and legal reasons. One example is clearing trades; London clearing houses have captured about 80% of clearing activity from exchanges all across Europe. there are many others…

> Another is the LSE/Berlin stock exchange merger which was going to see the German exchange hosted and operating from London. That deal will not now happen. DAX is in Frankfurt, not Berlin. What will be interesting is if the deal does go on, but happens in reverse. It might provide an easier path for LSE-listed companies with a heavy European interest to move to DAX. > we cannot even start to negotiate any deals wit…

> The two year window post-A50 is specifically for such negotiations

Actually not, the two years is just for getting the divorce right. Most experts indicate that a new arrangement can only be found after the divorce is complete. Though all that probably depends on what kind of leverage rEU wants to keep in dealing with the UK.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#76

Post by [deleted] »

loopbit wrote: post #65
arethuza wrote: post #50

Earlier quoted context omitted.

Scottish banks do indeed print their own bank notes (as do some in NI)- but they are for the GDP. Mind you, you used to get situations (a while back) where foreign exchange places in Europe would give you worse exchange rates for Scottish notes rather than English ones.

Foreign exchanges giving worse exchange rate is better than the situation I've had many times in england, were I was simply unable to pay with or exchange northern irish or scottish pounds. Someone told me that, by law, they have to accept those notes, but I still have ~40 NI pounds that I took to london on a trip a couple of years ago and had to take back with me.

[deleted]

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#77

Post by justin66 »

arethuza wrote: post #48
throwaway987611 wrote: post #40

Earlier quoted context omitted.

Scotland won't be independent, because they would have to take the Euro. They won't be allowed to use the Pound. So, they will end up like Greece. I really why people don't see this. It's the BRITISH parliment in WESTMINISTER who will decide who uses the pound. NOT YOU, Mr/Mrs Commentator. And they will decide to not allow scotland to use it.

I'm assuming you aren't Scottish (the reference to "they") but I've never worked out why people outside of Scotland get so worked up about the fate of a small and relatively obscure country.

It's a country that experienced a diaspora - a lot of us are loosely connected, hence the interest. (It's nonsensical to call something obscure and then wonder why so many people are talking about it...)

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#78

Post by dagw »

Reason077 wrote: post #63
arethuza wrote: post #18

Earlier quoted context omitted.

Edinburgh is probably far too small and the centre is too protected (it's a World Heritage Site) for much development to happen here. I'll admit to possibly being a bit of NIMBY in my comment as I live and work in central Edinburgh! http://whc.unesco.org/en/list/728

Edinburgh is a similar size to Zurich - a city regarded as one of the world's most important financial centres.

Depends on how you count. If you include everything that is within a reasonable train/bus commute of the city center then Zurich has at least double the "population" of Edinburgh.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#79

Post by gjm11 »

krona wrote: post #62
gjm11 wrote: post #54

Earlier quoted context omitted.

> Since canceling the free movement of workers was the defining issue of the referendum, I don't think there's any valid inference from "X is what a lot of people thought they would get by voting Leave" to "X is at all likely to happen if/when the UK leaves the EU". A lot of people thought that by voting Leave they were voting for an extra £350M/week that would go to the NHS. Nigel Farage admitted within an hour of t…

> A lot of people thought that by voting Leave they were voting for an extra £350M/week that would go to the NHS. If anyone of voting age believes that, they are undoubtedly an idiot.

In so far as you're right, I think the evidence is that there are a lot of idiots around. (I wouldn't be so harsh myself.)

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#80

Post by yAnonymous »

saiya-jin wrote: post #58
yAnonymous wrote: post #41

Earlier quoted context omitted.

They are basically giving the bonuses to themselves, so if they can't do that, there goes the incentive to move to that country.

you don't know much about banking, do you

More than you know about punctuation.
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