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Moody's Shifts EU Base to Sweden to Steer Clear of Brexit
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With Brexit occurring in March 2019, several banks and financial institutions have already started making preparations for a smooth transition. In sync with this, Moody’s (MCO - Free Report) has shifted a significant portion of its European operations to Sweden from London.
As part of this move, Moody’s has converted its Stockholm branch into a subsidiary. The European Securities and Markets Authority, supervisor of credit rating agencies (CRAs) in the European Union (EU), has registered Moody’s Investors Service (Nordics) AB as a CRA.
A Moody's spokeswoman said, “The registration of our credit rating agency in Sweden reflects the importance of the Nordics as a strategic region for Moody’s. This will enhance our service and support to the debt capital markets across the EU.”
Moody’s Sweden subsidiary plans to issue sovereign and public finance ratings, structured finance ratings and corporate ratings.
Notably, the finance sector faces regulatory pressure from the EU watchdog to move a significant number of staff members to the region post Brexit. Thus, Moody’s is expected to shift a large number of its employees to Sweden.
Apart from Moody’s, the major global credit rating agency S&P Global Inc. (SPGI - Free Report) has taken similar action and plans to make a Dublin office its new post-Brexit EU base.
Also, several other major global banks including Barclays (BCS - Free Report) and HSBC Holdings (HSBC - Free Report) have undertaken similar measures. Barclays has started shifting ownership of German, French and Spanish branches to its Irish bank from a British-based entity, while HSBC will change ownership of its European branches from its British entity to its French subsidiary.
While uncertainty related to Brexit continues, financial institutions are taking measures to minimize operational disruptions and make the transition as smooth as possible.
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Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Moody's Shifts EU Base to Sweden to Steer Clear of Brexit
With Brexit occurring in March 2019, several banks and financial institutions have already started making preparations for a smooth transition. In sync with this, Moody’s (MCO - Free Report) has shifted a significant portion of its European operations to Sweden from London.
As part of this move, Moody’s has converted its Stockholm branch into a subsidiary. The European Securities and Markets Authority, supervisor of credit rating agencies (CRAs) in the European Union (EU), has registered Moody’s Investors Service (Nordics) AB as a CRA.
A Moody's spokeswoman said, “The registration of our credit rating agency in Sweden reflects the importance of the Nordics as a strategic region for Moody’s. This will enhance our service and support to the debt capital markets across the EU.”
Moody’s Sweden subsidiary plans to issue sovereign and public finance ratings, structured finance ratings and corporate ratings.
Notably, the finance sector faces regulatory pressure from the EU watchdog to move a significant number of staff members to the region post Brexit. Thus, Moody’s is expected to shift a large number of its employees to Sweden.
Apart from Moody’s, the major global credit rating agency S&P Global Inc. (SPGI - Free Report) has taken similar action and plans to make a Dublin office its new post-Brexit EU base.
Also, several other major global banks including Barclays (BCS - Free Report) and HSBC Holdings (HSBC - Free Report) have undertaken similar measures. Barclays has started shifting ownership of German, French and Spanish branches to its Irish bank from a British-based entity, while HSBC will change ownership of its European branches from its British entity to its French subsidiary.
While uncertainty related to Brexit continues, financial institutions are taking measures to minimize operational disruptions and make the transition as smooth as possible.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>