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
How ‘nearshoring’ is driving Swiss companies to move to Mexico
Lindt & Sprüngli reportedly considering shifting Easter bunny production to US
This content was published on
Swiss chocolate manufacturer Lindt & Sprüngli could relocate the production of its gold-wrapped Easter bunnies to the US in order to circumvent the import tariffs imposed by the Trump administration.
Swiss petition launched against curbing 30km/h speed limit
This content was published on
The Traffic Club of Switzerland (TCS) has submitted a petition to the Federal Chancellery, challenging the 30km/h speed limit on local roads.
Swiss government backs abolishing imputed rental value
This content was published on
The abolition of the imputed rental value in federal tax is intended to reduce incentives for high private debt and simplify the tax system. On Friday, Finance Minister Karin Keller-Sutter spoke on behalf of the Federal Council in favour of Parliament's proposal.
This content was published on
After a strong start to the year, the Swiss economy has slowed considerably. In the second quarter, gross domestic product (GDP) rose by just 0.1 per cent on an adjusted basis compared to the previous quarter.
This content was published on
The Ticino cantonal criminal court in Lugano has found a priest guilty of multiple sexual assault and sexual offences with minors. The man was sentenced to a conditional 18-month prison term.
Swiss disappointed by failed plastics agreement in Geneva
This content was published on
Switzerland will not get its Geneva agreement against plastic pollution. Chief negotiator Felix Wertli spoke on Friday morning of his delegation's disappointment.
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.