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Welcome to Graham Bishop.com

·

Video update 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 significant?

·     -     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.

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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 European Finance?"

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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 AML ...


Why you should watch:

...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 certainly haven't left us.


 Moderator: Andrew Hilton (Director, CSFI) 

Panellists:

 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 europhile. 

 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.

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        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

        General: Conference on the future of Europe conference: NOT another Messina 1956 moment!; Eurogroup/ECOFIN outcomes: Digital tax, retail payments

        Banking: AML: 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

        ESG: Wirecard: 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 Bitcoin succeeds?

         

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        About GrahamBishop.com

        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.


         

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        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

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        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.



          Consultancy Financial Services Deepening EMU Education and Learning

          MiFID II has been in force since 2018 and requires many investment professionals to be knowledgeable and competent - by holding a qualification; having proper experience; verifying that they undertake Continuing Professional Development (CPD) and that firms record all this for their Competent Authority.

          GrahamBishop.com offers access to our CPD programme via our `Friends' services - with  structured and unstructured CPD products. These services are extremely cost-effective for CPD purposes: Our Standard service provides 6 hours of structured CPD at €20 per hour and the Gold service gives a total of 10 hours at €24 per hour. Details

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