June 8, 2018 / 1:04 PM / 10 months ago

Swiss ready countermeasures should bourse row with EU drag on

ZURICH, June 8 (Reuters) - The Swiss government readied contingency measures on Wednesday to protect domestic stock exchanges should a political row with the European Commission last for months more.

The Commission in December granted for only one year recognition of Swiss bourse rules needed for European investors to trade on the exchanges, and linked any extension to progress on a new bilateral treaty that it wants with non-EU member Switzerland.

“If the European Commission does not extend Switzerland’s stock market equivalence in time, an ordinance will introduce a new Swiss recognition obligation for foreign trading venues that admit Swiss shares to trading. In that case, EU trading venues would not receive this recognition,” the government said.

Reporting by Michael Shields, editing by John Miller

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