On Tuesday, the City of London Corporation’s policy chief said that New York had presented a booming “get on with it” message to the EU and London on Brexit talks.
The warning of Catherine McGuinness came after three days in Washington and New York with top finance officials. “Those who were closely involved in the financial services are becoming nervous. It wasn’t just curiosity, it was concern at the lack of progress that we have been making and nervousness that it had implications beyond Europe’s borders in terms of causing disruption to markets,” said McGuinness.
McGuinness held discussions with US Treasury officials, as well as Chris Giancarlo, the Commodity Futures Trading Commission chairman, and the International Swaps and Derivatives Association.
All displayed concern regarding the snail’s pace of negotiations and the absence of a transition deal with under 18 months left before the United Kingdom withdraws from the European Union in March 2019.
Even though New York expects to be one beneficiary of Brexit, the corporation heard is concerned over “how it might impact on settlements or impede trading,” added McGuinness.
“The message was that this is taking too long and it may have implications beyond your borders.”