Our new service "Brexit
and the City - the Impact" builds on the popularity of my series
of videos about the impact of Brexit on "the City" - shorthand for
the financial services industry throughout the UK.
Details are here
In his latest Federal Trust video - with over 15k views already - Graham Bishop argues that the
current controversy over central counterparties (CCPs) is symbolic of
the difficulties facing the City after Brexit.
The City will not lose its dominant position in this sector
overnight, but the EU sees building up its own CCPs as strategic
necessity. Over the years, the EU will look to make CCPs from the EU
first competitive with and then eventually more attractive than their
177th Brussels 4 Breakfast: 17 November 2021 with John O'Donnell (Reuters)
Why you should watch: Kyriakos Mitsotakis says the EU will review the S&GP – and
that the outcome will be ‘in our favour’. Wonder what Germany’s likely next
Finance Minister, Christian Lindner, makes of that – and how he will sell it to
FDP voters. Still, post-Covid, the debt and deficit limits make little sense.
As for the push for financial services to shift from London to Frankfurt, Paris
etc, it may be a question of timing. Longer term, the trend is (fairly) clear,
but, in the short term, there is certainly little appetite in Germany for
taking on new business – or new risks. One good thing from COP: the IFRS is
trying to sort out green from brown – and its proposal for an ISSB is a genuine
step forward. Other than that, the message from Glasgow was mixed:
eco-enthusiasts could see sunlit uplands. Cynics see only empty phrases. Other
issues: the so-called banking package, Solvency 2 on sustainability, AFME on
data sharing, and the usual confusion over CBDC.
Moderator: Andrew Hilton
Graham Bishop has been a fixture in the City of London since 1972, and deeply
immersed in euro-issues since the far-off days of the Giovannini Commission. He
set up his own consultancy in 2000, and has since become one of the most
dedicated Brussels-watchers in the UK.
John O’Donnell is the chief European correspondent for Reuters, based in
Frankfurt (though, pre-Covid) he was spending much of his time in Brussels. He
is a former business correspondent for the Sunday Times. His current interests
range from Russian money-laundering, to Taliban financing and the implications
of the Wirecard scandal.
I have published - with the Federal Trust -
another of my videos on "Brexit: the Impact on the City". This one is
entitled “Brexit has ended the Golden Age of the City of London.
June 23rd: 174th Brussels 4 Breakfast
Moderator: Andrew Hilton (Director, CSFI); Panellists: Graham Bishop; Andreas Dombret and Pablo Portugal. For members: link to summary and topics
June 4th: Financial Services Club/ZYen video with Alderman Mainelli and
Graham Bishop: Brexit: Ending the City's Dominance of European Finance?