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Frank Stocker, financial editor of German national daily newspaper Die Welt, described the European Commission as a “big loser” in the heated standoff after Switzerland blocked access to Swiss stocks from being traded at EU stock exchanges without special permission. The row between both sides escalated after their previous trade agreement, which allowed the Swiss access to the larger EU market, expired at the end of last month without a new deal in place. As discussions between the EU and Switzerland collapsed, the EU said it would now refuse to recognise the Swiss stock market’s rules as “equivalent” to its own. Switzerland fired back by banning almost 300 shares in Swiss companies – including big names such as Nestle and Zurich Insurance.

Mr Stocker said the EU had fallen flat after trying to put pressure on Switzerland to agree a new deal over how future trade relations should continue. The Commission has urged Bern to endorse an arrangement on its overall relations with the bloc, which was agreed in November after years of negotiations. While the Swiss government has proposed a new system that would require foreign stock exchanges to get Swiss permission to host trading in Swiss stocks. Mr Stocker said: “The Brussels EU Commission wanted to be particularly smart and tactically crafty, but without appearing too aggressive.

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The Brussels EU Commission wanted to be particularly smart and tactically crafty, but without appearing too aggressive Frank Stocker, Die Welt

“They believed they had found the ideal leverage in a recent dispute with Switzerland - and now have to realise that they have shot themselves in the foot.” He continued: “The EU is the big loser.” Despite the dispute remaining unresolved, Swiss stocks traded without major glitches on the first day of the ban yesterday as flows shifted to the domestic market from EU exchanges. Monday saw 11 of Switzerland’s top 20 stocks by market capitalisation – including Nestle, Roche, Credit Suisse and Novartis – record below-average volumes across all trading platforms, an analysis of Refinitiv data showed. But 15 of the top 20 by market size experienced a big jump in the amount of activity registered on the Swiss stock exchange, SIX.

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