Comments by "Michael RCH" (@michaelrch) on "Brexit coup: Rees-Mogg so far fails to topple May" video.

  1. DaDa Da He just created a new vehicle in Dublin because he knows it will be the only way to effectively trade in Euro assets and deal with EU markets. That is because all those things will no longer be practical in London. Which is why city banks, hedge funds and other financial services companies have been redeploying staff to entities in Paris and Frankfurt. The Euro clearing facilities that London is losing alone will mean very substantial losses of that business to entities in the EU. The knock on effects for broader EU financial services is unclear because no one knows what the deal will be yet but it won't be good. https://www.independent.co.uk/news/uk/politics/brexit-jacob-rees-mogg-scm-ireland-city-move-eu-withdrawal-dublin-a8398041.html "Prominent Brexiteer Jacob Rees-Mogg has defended the move by a City firm that he helped to found to establish an investment fund in Ireland ahead of the UK leaving the European Union. The Conservative MP faced questions when it emerged that Somerset Capital Management (SCM) had launched a new investment vehicle in Dublin amid concerns about being cut off from European investors." If you read the article you will see that the company's own prospectus sets out the reasons for the move as being about the uncertainty and disruption that Brexit will cause.
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