on the Brexit 'hit' to the City of London
- E - Equity, derivatives, bonds
- Equivalence – already in the dustbin of history?
The famous MoU – does it achieve anything
· - English law and securities – remarkably boring
but may turn out to be vital
· - “Kind strangers” needed to fund the biggest
(even before the Brexit hit!) current account deficit amongst major countries.
12 February - Blog "Brexit: Ending the City’s Dominance of European Finance?"
19 February - video: Well-received conversation with the Director of the Federal
Trust, Brendan Donnelly, on "Brexit: Ending the City’s Dominance of
171st Brussels 4 Breakfast: video with Graham Bishop, Fiona Wright (Brunswick) and Brian Polk (PWC)
There are the negotiations on a MoU, there's the progress (or lack
of it) on longer term relations between the EU and UK (and on which
'third country' model the EU should apply). There's also Fabio Panetta's
important intervention in the clearing debate, there's the new focus on
Why you should
...and the BIS's study into corporate credit
stress post-Covid... And then there's ESMA's proposed land-grab on
corporate reporting, particularly
on sustainability issues. We may have left the EU, but EU issues
haven't left us.
Moderator: Andrew Hilton
Graham Bishop is the eponymous proprietor of his own
Euro-consulting service. He is one of the longest-standing (and most knowledgeable) UK
financial commentators on Brussels, as well as being a committed
Fiona Wright is a partner in Brunswick's Brussels office. She previously
worked with the UK Treasury, latterly on secondment to the Commission, where
she worked closely with ECOFIN. She has a PhD from the University of Florida.
Brian Polk is the financial services lead for EMEA at PwC in
London. A Canadian by origin, he has been with PwC since 1998 - and before that
was with Coopers & Lybrand for seven years.
Key topics that I hoped to addres - drawn from my selection of last month's articles on GrahamBishop.com
Brexit: Lord Hill
report on Listing Rules; CEPS report: TCA even more paltry for financial
services; ECB’s Panetta on Central Clearing and the changing landscape; BoE
Bailey – EU moving to location policy for swaps; UK gets data adequacy decision
to continue to 2025; City Corporation: UK financial services to the world
on the future of Europe conference: NOT another Messina 1956 moment!; Eurogroup/ECOFIN
outcomes: Digital tax, retail payments
OECD call for crack-down on `white collar’ enablers, GRI: momentum behind
country-by-country tax reporting; Giegold – “earthquake moment”; OpenLux = need
for tougher enforcement; Tax Justice Network: rule-setting countries lead the
way in breaching the rules; BIS study corporate credit stress in Covid times; SRB
study on banks’ “in resolution” access to FMIs
Capital Markets Union:
ESAP: ESMA supports corporate transparency, Accountancy Europe/Lux
funds support; FT Bond trading dragged
into digital age; EFAMA: response to IOSCO on secondary equity trading data; ISDA
on end of LIBOR
ESMA proposes improvements to Transparency Directive, Jane Fuller of CSFI on
regulator independence; EFAMA et al: development of European sustainability
reporting standards – game-changer; SFDR: ICMA comment; CFA – improve corporate
governance; ESMA proposes rules for Art 8 of Taxonomy Reg reporting
Digital: IMF blog
– public and private money can co-exist in digital age; Vox – what happens if
Graham Bishop's analysis targets the interaction of the driving forces of politics and economics as they force the required changes in financial regulation – at the macro level - rather than covering the micro aspects of detailed implementation. These are precisely the topics where a well-informed financial professional should remain competent: it can form part of their Continuing Professional Development (CPD).
Banking union and capital markets union are already underway, but obstacles remain and consumer protection is a necessary conditon for success.
The next big project – enhancing the international role of the euro – is only under discussion but the EU is seeking to neutralise any “weaponising” of the dollar
Environmental, Social and Governance (ESG) policies are a key priority for the new Commission – with a European Green Deal planned within its first 100 days. But “sustainable finance” goes beyond “green” and includes social considerations as well as the governance that brings it to the forefront of financial decision-making.
The Fin Tech Action Plan will help the financial industry make use of the rapid advances in technology such as blockchain and other IT applications and strengthen cyber resilience. The impact on payment systems will be at the cutting edge.
Access our insights
As a `Friend of GrahamBishop.com' you can easily `scan the horizon’ for politics and economics driving regulatory reform of European financial markets by joining the 'Brussels' Finance Watchers community
His proposal for a Temporary Eurobill Fund is one of the range of options in this study. His proposal offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. This author has developed the TEF plan over several years and has comprehensively updated it in the form of “30 FAQs”. Click to download.