September 29, 2016 / 8:56 AM / a year ago

Bank lobby ICMA urges Europe not to leave Britain behind in capital markets union

FRANKFURT, Sept 29 (Reuters) - The head of banking lobby group ICMA said on Thursday that Europe must bring Britain into its plans to push ahead with its capital markets union project or it will be “substantially diminished”.

Speaking in Frankfurt at one of the first major European capital markets conferences since Britain voted to leave the European Union in June, Martin Scheck, chief executive of the International Capital Market Association, said:

“A way needs to be found post-Brexit for Europe to bring the UK into the CMU (capital markets union) if the initiative is to achieve the ambition that inspired it in the beginning and for it not to be substantially diminished.”

Earlier this month, the EU sought to breathe new life into its flagging CMU project by urging the European parliament and member states to accelerate approval of the reforms. (Reporting by John Geddie; editing by Dhara Ranasinghe)

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