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.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
This content was published on
Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled.
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
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.