Political relations between UK-EU

[MillionMilesAway]

what evidence do you have that indicates the vaccines have undergone insufficient testing?

That's a fairly misleading term which will have things read into it that probably aren't intended.

They have been rushed through - that's why they are needing Emergency Use orders.
However, there isn't viral pathogen in the vaccines, and it's therefore uncharted territory to some extent.

Thalidomide is an obvious thing that gets raised, but it's a completely different pharmaceutical action involved.

 

[bluethrunthru]

none other than speed of launch..

How vaccines are tested, licensed and monitored

vk.ovg.ox.ac.uk

The speed has been tackled before but to recap - the world faced the biggest threat to its population since 1918. The science world was mobilized with just about every lab, every scientist put on the job of developing and test treatments and a vaccine. So, simple way of looking at it is if a single scientist can do 7 hours work per day on testing then in a single day 1000 scientists can do 7000 hours work on testing. So if a task takes 7000 days to resolve for the single scientist the 7000 massed scientists effectively do it in a day. Thats not something that is subject to less testing - its just done more quickly because they threw so much effort into it.

 

[bluethrunthru]

And back to the BoE Governor muttering about the ‘dubious legality‘ of the EU legislating repatriation of Euro trade to the Euro zone to freeze out the City #letitgo

something else that will never happen but will happen

 

[metalblue]

And back to the BoE Governor muttering about the ‘dubious legality‘ of the EU legislating repatriation of Euro trade to the Euro zone to freeze out the City #letitgo

He has a point.

Let me explain why. There is no requirement to have USD transactions settled or even domicile within the US so this would be a particularly strange move. Let me give you an example; the LME allows you to trade base metals in 4 currencies, USD, GBP, EUR and JPY. These are cleared contracts on an exchange (CCP) that is underwritten by the UK treasury. When I settle my trade I pay or receive in the currency dominated, if the EU are saying that the EUR contract must be settled in the EU then they will run in to all sorts of legal issues. Firstly why should the UK government underwrite the EU transaction? Secondly why should non Euro zone members of the LME contribute to a default fund for any euro positions? That’s before we even think about the physical nature of commodity markets, for example say I’m long 100 copper in USD and short 120 copper in EUR I net settle the metal via LME warrants (as it has no currency) and settle cash basis the official settlement price. If I have to unpick that trade I’d receive 100 warrants and deliver 120 ... but receiving warrants happens after delivery so I’m fucked unless I hold warrants. Fortunately metal in bonded warehouses is in FTZ’s else this would be a right mess. I predict no one will trade euro denominated metal (they’ll just hedge FX exposure) if they go down this road because it’s a bloody nightmare so they’ll still end up with 0 clearing revenues.

There are similar arguments for other similar products that trade in multiple currencies.

What is going on here is a simple attempt at a land grab of the euro executions to the EU - and I understand that - but as we’ve seen with some of the issues seen with the Brexit deal, is it all seems straight forward in principle but it’s the details that get you.

 

[bluethrunthru]

The ERG - self awareness was never their strong suit

 

[Vic]

But....but.....but.....can't they just open new markets and prosper mightily?

Post-Brexit trade: Boris Johnson calls for eat British fish campaign

The PM promises action to boost the industry - but Labour says his Brexit deal threatens jobs.

www.bbc.co.uk

Eat grey mullet? He wants us to eat his hair?

 

[Vic]

He has a point.

Let me explain why. There is no requirement to have USD transactions settled or even domicile within the US so this would be a particularly strange move. Let me give you an example; the LME allows you to trade base metals in 4 currencies, USD, GBP, EUR and JPY. These are cleared contracts on an exchange (CCP) that is underwritten by the UK treasury. When I settle my trade I pay or receive in the currency dominated, if the EU are saying that the EUR contract must be settled in the EU then they will run in to all sorts of legal issues. Firstly why should the UK government underwrite the EU transaction? Secondly why should non Euro zone members of the LME contribute to a default fund for any euro positions? That’s before we even think about the physical nature of commodity markets, for example say I’m long 100 copper in USD and short 120 copper in EUR I net settle the metal via LME warrants (as it has no currency) and settle cash basis the official settlement price. If I have to unpick that trade I’d receive 100 warrants and deliver 120 ... but receiving warrants happens after delivery so I’m fucked unless I hold warrants. Fortunately metal in bonded warehouses is in FTZ’s else this would be a right mess. I predict no one will trade euro denominated metal (they’ll just hedge FX exposure) if they go down this road because it’s a bloody nightmare so they’ll still end up with 0 clearing revenues.

There are similar arguments for other similar products that trade in multiple currencies.

What is going on here is a simple attempt at a land grab of the euro executions to the EU - and I understand that - but as we’ve seen with some of the issues seen with the Brexit deal, is it all seems straight forward in principle but it’s the details that get you.

Way beyond my experience of traded metals. I did once get a few pence for a bit of scrap.

But won't some of the Euro-trading business go to the US, as they still have the equivalence with the EU that we have voluntarily relinquished?

In fact, Johnson and Frost seem to have been so busy betraying fishing and farming that they didn't even think about banking.

 

[SilverFox2]

Not sure this the correct thread but I live in SE Spain and occasionally shop for UK things like mustard etc from say Iceland Overseas or local UK produced food items.
Since Brexit the shelves have simply emptied with no deliveries getting through normal routes until recently when Southern Ireland lorries are now stocking the shelves with as much as they want.

Is this opportunism or the way how things now work?

 

[bluethrunthru]

That's a fairly misleading term which will have things read into it that probably aren't intended.

They have been rushed through - that's why they are needing Emergency Use orders.
However, there isn't viral pathogen in the vaccines, and it's therefore uncharted territory to some extent.

Thalidomide is an obvious thing that gets raised, but it's a completely different pharmaceutical action involved.

Thalidomide wasn't even a vaccine.

Anyway I got the call earlier and I was offered mine. Off I go for it @ 3.10pm on Monday.

Interesting question. I was offered it today will get it Monday. Which days stats do I go on?

 

[metalblue]

Way behind my experience of traded metals. I did once get a few pence for a bit of scrap.

But won't some of the Euro-trading business go to the US, as they still have the equivalence with the EU that we have voluntarily relinquished?

In fact, Johnson and Frost seem to have been so busy betraying fishing and farming that they didn't even think about banking.

There isn’t much in the way of euro trading on US CCPs, if any (it’s not my area though). What they have given the US is regulatory equivalence and allow them to provide clearing services, this suits the EU on 2 areas:

1. They would be offloading EU risk (that is underwritten by EU central banks to the US (and the US treasury)
2. They don’t see the US as a competitor here.

The downside risk for the EU is the US CCPs are nickel and dime shops so it could bring pressure to the EU based CCPs ...and if that happens watch the deal change ;)

I don’t see the US deal solving any of the intrinsic problems between the UK and EU. Frankfurt and Paris have made no secret of the fact they want some of the city of London’s trading revenues and have wanted them for years. Even when we were a member they were trying to force trade there.