Swiss stock exchange could lose EU access in January
EU Commission Vice-President Valdis Dombrovskis.
Keystone
An EU Commission document has revealed that, for now, not enough progress on the Swiss-EU framework agreement has been made to renew the ‘financial equivalency’ status of the Swiss stock exchange in Europe.
This content was published on
2 minutes
Keystone-SDA/dos
According to a note sent on Tuesday by Commission Vice-President Valdis Dombrovskis, it seems that patchy progress in ongoing talks between Bern and Brussels could mean that the Swiss stock exchange loses its privileged access to European markets as of January 2019.
‘Financial equivalency’, which allows the Swiss stock exchange (operated by the SIX groupExternal link) to engage in European cross-border financial trading on equal terms, is a key bargaining chip in wider discussions that have soured and slowed in recent times.
Towards the end of last year, the EU first announced that Switzerland’s equivalency would be renewed, but not indefinitely, as it is for other partners such as Hong Kong and the United States; rather, it was capped at 12 months.
The move, along with repeated warnings from Brussels that the equivalency could be scrapped altogether if talks in other areas didn’t move ahead, angered the political class in Switzerland and prompted Finance Minister Ueli Maurer to threaten tit-for-tat action in June.
Contacted by Keystone-SDA about the latest warning from Brussels, a Federal finance ministry spokesman said he was aware of the development, but that his department was awaiting a decision by the Federal Council (executive body) on the position of the Swiss stock exchange.
Indeed, this week is crucial for the Swiss negotiating line on Europe, as a sometimes-divided Federal Council meets to discuss next steps. A government reaction that would shed further light on the financial equivalency issue could come this Friday.
Related Stories
Popular Stories
More
Drug pricing
Potential US tariff exemption for Swiss pharma is not necessarily a boon
Police arrest 20 thieves and pickpockets in Swiss tourism hotspots
This content was published on
The operation was carried out in the Interlaken, Grindelwald and Lauterbrunnen regions, as well as at popular tourist attractions such as the Jungfraujoch.
UBS allegedly considering moving headquarters to the US
This content was published on
Rumours of UBS moving to the United States have resurfaced, just as the Swiss Senate is due to take up the issue of tightening capital requirements.
This content was published on
Two trams collided in Zurich Oerlikon on Monday afternoon. Three people suffered moderate injuries, including the two drivers.
Historic WTO fisheries agreement enters into force
This content was published on
The agreement to eliminate fisheries subsidies, concluded at the World Trade Organization (WTO) ministerial in Geneva in 2022, has entered into force.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss foreign minister rejects one-year limit to EU finance market access
This content was published on
Switzerland’s foreign minister insists that a conditional limit should not be placed on the ‘equivalence’ of the Swiss and European stock exchanges.
EU document suggests trouble for Swiss access to European finance markets
This content was published on
An EU document suggests that Brussels may be planning to place a conditional limit on the ‘equivalence’ of the Swiss and European stock exchanges.
This content was published on
Talks on a framework agreement between Switzerland and the European Union are difficult, with disagreement on issues like worker protection.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.