Big Bang UK market rules need refresh to keep City competitive, says think tank

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The City of London financial district can be seen as people walk along the south side of the River Thames, amid the coronavirus disease (COVID-19) outbreak in London, Britain, March 19, 2021. REUTERS/Henry Nicholls/File Photo

LONDON, July 8 (Reuters) – Britain’s “big bang”-era financial rules need a refresh to show the world that the City of London is open to business after Brexit ended access to the European Union, a think-tank report said on Thursday.

The Overseas Person Exclusion (OPE) rules were introduced in 1986 as part of wholesale market liberalisation that helped the City become a global financial powerhouse.

One of the most liberal market access regimes in the world, it allows financial firms based abroad to serve customers in Britain without authorisation or a base in the country.

But complicated EU rules over the years, now embedded in British law since Brexit, have muddied the waters on who can benefit from the regime, the International…

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