The European Commission will announce plans to move forward with its Capital Markets Union (CMU) plan. Its plans are set to change in light of Brexit.
Ugo Bassi, a director in the European Union executive’s financial services unit, said that the EU “can no longer rely on pools of liquidity in London”.
The EU will also propose stronger supervisory powers for the European Securities and Markets Authority (ESMA) and move much more toward centralised supervision of financial services.
Simon Puleston Jones, head of Europe at the Futures Industry Association, said that the CMU is now about providing an alternative to London as a financial centre.