Post-Brexit trade ruling sparks accusations of a ‘land grab’

European fund managers have called on regulators to reconsider plans that would prevent them from trading some of Britain’s biggest stocks in London in a no-deal Brexit, amid accusations that the EU is mounting a “land grab” of UK share trading. Investors were surprised by a ruling late on Tuesday from the European Securities and Markets Authority, the pan-European administrator, which detailed some 6,200 stocks that EU-registered investors would have to trade in the EU if the UK leaves the bloc without a deal. The list included 14 stocks whose home listing is in London and which trade overwhelmingly on the city’s main exchange, such as Vodafone, Rio Tinto and BP. All 6,200 stocks are either EU-based or have a second, highly active listing in London, such as Ryanair.