GENEVA, June 8 (Xinhua) -- Switzerland on Friday threatened to respond with its own measures if the European Union refuses to allow the Swiss stock exchange to fully operate in the EU market on a permanent basis.
In December last year the EU only granted the Swiss stock exchange, operated by the SIX group, permission to trade EU company shares for one year.
The Swiss government issued a statement on Friday saying that if the EU continues its refusal to grant SIX long-term access to its market then "EU trading venues" would not receive the recognition they need in Switzerland.
EU exchanges would be hit with similar restrictions by Switzerland, said the Alpine nation's Finance Minister Ueli Maurer on Friday, the Swiss news agency SDA-ATS reported.
The EU's December decision infuriated Swiss politicians who accused the EU of acting in bad faith and threatening Switzerland's financial interests.
Switzerland's relationship with the EU has soured in recent years, particularly on the topic of immigration.
The EU has also toughened its stance on non-member states after Britain voted to leave the single market.
Swiss Finance Minister Maurer unveiled plans to give EU trading venues a dose of the same medicine if SIX is not granted further financial "equivalency" by the end of this year.
He said Switzerland would enact new regulations that would require all foreign exchanges to apply for permission to trade Swiss shares.
Switzerland could prevent EU banks and securities dealers from continuing to trade Swiss shares on the Swiss stock exchange with its own measures.
The proposed ordinance would come into force by Dec. 1 at the latest, according to the Swiss government statement.
