Paris is seeking to challenge London’s dominance as a financial centre as it unveils a series of measures intended to promote the French capital as a financial services hub. Financial Times
Christine Lagarde, France’s economy minister, is to announce a new market on the NYSE Euronext Paris exchange that will have lighter disclosure requirements – the minimum under EU rules – and will operate in English to encourage new listings.
’One shouldn’t rejoice in the misfortunes of others,’ she said. ‘All the same, the weeks since mid-August show us that the strength of a financial market, and its reputation, do not count for much.
’The security and solidity of France’s regulatory structure is a strength, especially during a period of financial difficulty.’
Lagarde will also promise to stop ‘gold-plating’ or embellishing European financial regulations, cut regulatory red tape and modernise the law on securitisation, so Paris can win a slice of the hedge fund business.