Brexit Paris stock ex­change to ‘as­sert its strength’

Financial Mirror (Cyprus) - - FRONT PAGE -

The Paris stock ex­change plans to “as­sert its strength” to at­tract in­ter­na­tional busi­nesses, tak­ing ad­van­tage of the po­ten­tial dam­age Brexit could do to the City of Lon­don, French sources said on Mon­day, ac­cord­ing to Eu­rac­

“Less than a month from the Bri­tish ref­er­en­dum, we have to pre­pare for any sce­nario,” Gérard Mes­tral­let, the pres­i­dent of the or­gan­i­sa­tion Paris Euro­place, said at a joint press con­fer­ence held af­ter a meet­ing of the Paris stock ex­change com­mit­tee, with the French Min­is­ter of Fi­nance Michel Sapin and the Governor of the Bank of France François Villeroy de Gal­hau.

“What­ever the re­sult [of their ref­er­en­dum], the Paris stock ex­change hopes to as­sert its strength to at­tract in­ter­na­tional busi­nesses that want to de­velop their ac­tiv­i­ties in Europe,” he added.

“We want Paris to be­come the leader for the mar­ket fi­nanc­ing of busi­nesses,” he said.

The up­com­ing Brexit ref­er­en­dum has raised un­cer­tainty about the fu­ture of Europe’s dom­i­nant stock mar­ket, the City of Lon­don. But Sapin “un­am­bigu­ously” re­it­er­ated the po­si­tion of the French govern­ment on the is­sue, namely that he hoped his “Bri­tish friends would stay in the EU”.

“But what­ever the out­come of the vote, it is i mpor­tant for our com­mit­tee to ex­am­ine the Paris stock ex­change’s strat­egy,” Sapin added.

The min­is­ter hopes to make Paris the “lead­ing stock ex­change of the eu­ro­zone” for “so-called in­tel­li­gent” mar­ket fi­nanc­ing.

This in­cludes green fi­nance, so­cially re­spon­si­ble in­vest­ments and fi­nanc­ing for in­fras­truc­ture projects.

“They should all find suit­able and eco­nom­i­cal fi­nanc­ing in Paris,” he said.

An­other pil­lar of Sapin’s plan for is to make Paris a hub for in­no­va­tive Fin­tech (fi­nan­cial tech­nol­ogy) com­pa­nies. He hopes to de­velop “tech­no­log­i­cal ini­tia­tives by talk­ing to these new­com­ers and ac­tively iden­ti­fy­ing any pos­si­bly un­jus­ti­fied reg­u­la­tory lim­i­ta­tions”.

Fi­nally, the French fi­nance min­is­ter wants to make the Parisian fi­nan­cial hub “pro­vide com­pa­nies and fi­nan­cial in­ter­me­di­aries with the best pos­si­ble

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