EU-Swiss Exchange Battle Continues: London Prepares to Delist Swiss Shares

Talking Points:

谈话要点：

• The EU still plans to not extend its equivalence with Switzerland as talks about a bilateral agreement have stalled

  欧盟仍计划不与瑞士进行对等谈判关于双边协议已经停滞

• Swiss shares could suffer further drops if they are delisted from London exchanges from July 1

  如果从7月1日起从伦敦交易所摘牌，瑞士股市可能会进一步下跌

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• CHF was trading softer against major currencies

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Swiss stock exchanges are prepared to retaliate against the EUs decision to end its stock market equivalence with Switzerland after frustrated talks to achieve a long-term agreement to replace its many accords currently in place.

瑞士证券交易所准备对欧盟决定终止其与瑞士股市等值的决定进行报复，因为在达成长期协议以取代现有的许多协议之后，欧盟决定与瑞士股市等价。

The Swiss Government has said it is ready to ban swiss shares from trading on EU exchanges from July 1 unless the EU grants Swiss exchanges an extension to their equivalence which expires at the end of June. The equivalence extension is the only leverage the EU has against Switzerland to achieve an agreement on governing policies, but the Swiss Government has reiterated in many occasions that they are open for discussion but will not be rushed into signing an agreement. If Swiss shares are no longer traded on European exchanges, then Swiss exchanges will be creating a monopoly which will eventually lead to an increase in trading costs and disruption.

瑞士政府已表示已准备好从7月1日开始禁止瑞士股票在欧盟交易所进行交易，除非欧盟授予瑞士交易所延长6月底到期的等值。等值扩展是欧盟针对瑞士达成管理政策协议的唯一杠杆，但瑞士政府在许多场合重申它们可以讨论，但不会匆忙签署协议。如果瑞士股票不再在欧洲交易所交易，那么瑞士交易所将创造垄断，最终将导致交易成本和中断的增加。

And its effect on financial markets has started to show as London-based stock exchanges have been the first to announce they will stop listing Swiss shares by the end of the week if the relationship between the EU and Swiss Government continues to deteriorate. More than half of the traded volume of Swiss shares comes from European investors and large Swiss companies like UBS and Novartis could suffer a hit if no agreement is reached by July 1, continuing the losses they have suffered since the dispute began.

及其对金融业的影响市场已开始显现，伦敦证券交易所是第一家宣布，如果欧盟与瑞士政府之间的关系继续恶化，他们将在本周末停止上市瑞士股票。瑞士股票交易量的一半以上来自欧洲投资者，如果在7月1日之前没有达成协议，瑞士和诺华等大型瑞士公司可能遭受重创，继续因争议开始以来遭受的损失。

PRICE CHART: UBS SHARE PRICE, HOURLY TIME-FRAME (March 2019 – June 2019)

价格表：瑞银股价，每小时时间（2019年3月 - 2019年6月）

The swiss franc was trading softer against all major currencies as the possibility of losing EU venues for Swiss shares becomes and increasing possibility. The franc was down half of a percent against the safe-haven Japanese yen with CHFJPY trading around 109.80 going into the afternoon session. CHF also slid 0.76% against the NZD and 0.29% against the USD.

瑞士法郎兑所有主要货币交易走软由于瑞士股票失去欧盟场地的可能性增加并且可能性增加。法郎兑日元汇率下跌了一半，CHFJPY汇率在下午交易于109.80附近。瑞郎兑新西兰元下跌0.76％每日0.29％兑换美元。

DAILY CHART: CHF SLIDES ON JUNE 25

每日图表：6月25日的CHF幻灯片