The UK has been ranked first of all EU countries for the number of new businesses created. Good access to funding, both through banks and venture capital, have been a prime enabler for start-ups, but relatively low levels of tax and red tape have also been highly beneficial.
Archive for month: August, 2013
Nasdaq OMX has announced that its progress in providing derivatives clearing services to its members has been “strong”, according to EVP Transaction Services Nordics, Hans-Ole Jochumsen. Clearing of IRS products through Nasdaq OMX in Europe has grown substantially, with the company now being the second largest IRS clearing house in Europe.
CFTC Dodd-Frank rules coming into force in October are expected to have a dramatic impact on the market share of US banks in the swaps market as non-US clients are planning to shift significant areas of business to entities not affected by Dodd-Frank in Europe. This move is due to the expense of compliance – particularly the expense of putting all OTC derivatives through a central clearing house. UK and Eurozone based branches of US banks will also be required to comply with the US rules, unless there is a comparable home country compliance regime – European rules are not yet finalised, meaning costly dual regime compliance.