dChan
Anonymous ID: 5779dd Feb. 25, 2019, 8:48 a.m. No.5376578   🗄️.is 🔗kun

BANKS LOSING BATTLE TO BE NO-BREXIT READY

 

LONDON (Reuters) - Major banks are still not ready for a 'no-deal' Brexit as they grapple with delays in licenses for new European Union businesses, staffing problems and snags in redrafting contracts.

 

Despite thousands of staff working on preparations for more than two years, sources at five high street and global investment banks told Reuters they still face a number of mission critical hurdles if Britain leaves without a deal.

 

Sources at three investment banks said their efforts would not be completed by Brexit Day on March 29, potentially throwing the legal status of thousands of contracts into doubt.

 

"There will be people who aren't ready. There will be bumps in the road, if not more," one of the sources said.

 

Prime Minister Theresa May has pushed back a vote on her proposed EU exit deal to March 12, prompting lawmakers to step up efforts to stop a no-deal Brexit, but banks say only a vote in favor of May's deal or a delay to Brexit will reassure them that there will not be an abrupt no-deal exit.

 

For most major banks based in Britain, the timely legal transfer of their EU client business, including loans and deposit accounts, derivatives contracts, stocks and bonds, to EU subsidiaries to mitigate the loss of unfettered access and data flows to the single market is the biggest concern.

 

Customers whose contracts are not transferred could be left unable to respond to market events, or without access to funding or protection against swings in interest rates or currencies, risking wider market turbulence.

 

A source familiar with one investment bank's position said between 10-15 percent of contracts they had intended to transfer were still "work in progress", with some clients actively resisting the transfer, while others have held off paying for legal advice on the expectation a deal will still be struck

 

rest at link

https://www.marketscreener.com/news/Banks-losing-battle-to-be-no-deal-Brexit-ready–28063412/?countview=0

Anonymous ID: 5779dd Feb. 25, 2019, 9 a.m. No.5376718   🗄️.is 🔗kun   >>6853

>>5376654

Heavy volume as well

 

Biotech Stocks Pop After This Company Used CRISPR Drug In A Patient

Crispr Therapeutics (CRSP) stock popped Monday after the biotech announced it dosed a patient with its CRISPR gene-editing therapy — making it the first company to use the technology in a clinical study.

 

https://www.investors.com/news/technology/crispr-stock-pops-doses-first-patient-crispr-gene-editing-therapy/?src=A00220&yptr=yahoo