speak to andrew bailey on overhaul. we are actually getting rid of libor. will see live pictures of mr. bailey giving his speech in the bloomberg auditorium. this is bloomberg. ♪ francine: you are watching "bloomberg surveillance" and i'm francine lacqua in london. new banking rules are a costly, but necessary part of the game, according to the ceo, who is confident this will not be a big impediment to his business. it is been complicated by the brexit talks and the single market access. still with us, paul hamill from citadel securities. paul, i imagine a big chunk of your time is spent looking at this, trying to figure out what it means for your clients. what is your biggest worry? >> that we enter what we consider the final furlong of the implementation. and we get down to details, the details will matter. we are concerned there is a cost, as you mentioned. there is a lot of expectation and we see that in the u.s. as well. that will move the market forward and it is going to great benefits for those investing. i will give you a good example. the trading

trading arrangements after the uk leaves the european union — so says the fca's chief executive andrew baileyt the eu is a strong proponent of free trade, and that it is in no—one's interest to impose trade restrictions. however, speaking to an eu forum in brussels today, mr barnier has warned it will not be possible for the united kingdom to enjoy either "frictionless trade" or the benefits of the single market after brexit. energy regulator ofgem has launched an investigation into whether british gas breached rules on charging termination fees. ofgem licence conditions say energy firms shouldn't charge termination fees if fixed term contract customers switch suppliers within a 49 day period before the expiry of their contract. the eu and japan have reached agreement on a major trade deal in brussels. the agreement paves the way for trading in goods without tariff barriers between two of the world's biggest economic areas. among the big winners — the car industry. the eu will scrap a 10% duty onjapanese car imports — while japan will remove barriers to entry for european automakers. househol

financial conduct chief authority andrew bailey telling bloomberg surveillance, the decision was withine observed since libor was reset post the crisis that the assumption behind the resetting was the transactions in bank funding would reemerge. so, the assumption that we have a market in money that will support libor has not happened. on current structure depends expert judgment by the banks. by the way, they do well. i said it is not another scandal, it is about the long-term sustainability of the structure. reporter suzy, was it always doomed after the financial crisis? suzy: i think so. the question was, why did it take so long? -- there was a lot done around governance. to some extent, it has helped governance within the bank, but it does not change the fact that it is a low interest rate environment. people cannot predict five years ago. vonnie: this 350 trillion worth libor,rities tied to will that stay depending on what replaces it? seems to be it would be due to something else. what that other thing is, we don't know yet. the next we have to figure out is what benchmarks would

planning very specific exit strategies and it's not sitting well with british leaders especially andrew bailey bailey who leads the u.k.'s financial conduct authority told a crowd at canary wharf firms should be able to take their own decisions on where they locate subject to appropriate regulatory arrangements being in place which preserve the public interests authorities should not dictate the location of firms he went on to say it would be regrettable if those firms moved before knowing what drugs at negotiations turn out to be but he welcomed the competition from other cities like frankfurt and paris to take over as europe's finance. canada's prime minister will be treading lightly at the g twenty summit as he attempts to manage a potential showdown between the us and germany are looking out for his own country's best interests and that is just one of the possible fights there will be a number of divisive issues on at play during that meeting which could cause some sparks to fly including climate change terrorism trade and refugees or tease out some highlights has the latest for us from to

a transition period after the uk leaves the european union — so says the fca's chief executive andrew baileyone's interest to impose trade restrictions. however, speaking in brussels today, mr barnier warned it will not be possible for the united kingdom to enjoy the benefits of the single market after brexit. energy regulator 0fgem has launched an investigation into whether british gas breached rules on charging termination fees. 0fgem licence conditions say energy firms shouldn't charge termination fees if fixed term contract customers switch suppliers within a 49 day period before the expiry of their contract. the eu and japan have reached agreement on a major trade deal in brussels — covering everything from cars to cheese. it comes despite doubts around the world about free trade deals — and the rise of trade protectionism in the us under the trump administration. japan and the eu account for about a third of global gdp — that's over 21 trillion dollars. both sides believe their trade relationship has room to get even bigger. so how is this deal being viewed in the us? michelle fleury i