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EU set to build alternative financial market to London: EU draft document

EU strengthens the European Securities and Markets Authority, to make the CMU more effective

Reuters  |  London 

Brexit has forced the European Union to rethink its flagship capital markets union (CMU) project and urgently look for ways to create an alternative financial market to London, according to a draft EU document seen by Reuters on Wednesday. London is the bloc's biggest financial market by far, but will be outside the EU from 2019, posing a challenge to the CMU project that had already begun to flag before last year's referendum in Britain. "The CMU reform programme must be updated so that it can meet the challenge of creating a more autonomous capital market for the ...

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