SIX Group CEO Urs Rueegsegger can't see anything positive coming out of Brexit for his company and has started looking for alternative locations to continue its business in the European market.
Some financial-services companies are biding their time to see how the government in Westminster will manage the exit of the U.K. from the European Union. Urs Rueegsegger, the chief executive officer of SIX Group, Switzerland's stock exchange operator, sees no reason to wait.
«Post-Brexit, you'll need equivalence with the U.K. and the EU,» Ruegsegger told the «Financial Times» (behind pay-wall). «London isn't enough anymore, you need a country that is in the EU.»
Equivalence a Must
SIX relied on its recognition by the Financial Conduct Authority in London to achieve regulatory equivalence, enabling it to trade in the EU. Following Brexit, that has disappeared. As a consequence, the CEO of SIX has opened talks with BaFin, the German market regulator.
Some 80 percent of SIX's clearing business comes from outside of Switzerland, «FT» said.
