Last week, I published a new report for the Federal Trust: Brexit: Ending the City’s Dominance of European Finance?
This week, the Federal Trust published a video of Trust Director Brendan Donnelly questionning me about the report. It has gone viral - at least for me! Please do e-mail me (Graham@grahambishop.com) with your views on the subject!
In the meantime, my regular Brussels 4 Breakfast took place and the video is below:
170th Brussels 4 Breakfast
Why you should
Business is migrating from London
- though how much is hard to say. Equally, does it matter? We are not going to
get a blanket ruling of equivalence, and London is being treated 'worse' than
other financial centres like New York. Should that stop us fine-tuning our own
regulations? Probably not, though there will be a cost. In the meantime, the EP
is still considering the TCA - though, in the end, it is inconceivable that it
will try to reopen it. Other issues include a backlash against PRIIPs
legislation, a big push on sustainability and scepticism about CBDC.
Moderator: Andrew Hilton
Graham Bishop has run his own consultancy, specialising in European financial
affairs, since leaving Citigroup, where he was the leading European bond
Mark Simpson is a partner in the financial services and regulatory practice at
Baker McKenzie in London.
My choice of the key topics for discussion (selected from www.grahambishop.com)
leads global rankings; City Total tax contribution; My
new paper for Federal Trust; Movements of share trading, derivatives,
carbon contract; Equivalence; Location issues; IRSG – priorities for G7
laundering: ECON on EU blacklist; MEP Giegold – stop double standards, British
`spiders web’; CEPS - Time to get serious; Data Governance Act: EBF response to
Commission consultation; EP approves RRF - €672billion
– new momentum; Targeted consultation on crisis management and deposit insurance;
EBA technical standards on risk-takers
Capital Markets Union:
More attacks on PRIIP proposals; ELTIF
consultation shows them to be a flop so far…; Council adopts new rules on LIBOR
`corporate governance’: Insurance Europe, EFAMA, Better Finance, warning from
Vox about short termism! Taxonomy impact on bank lending; IFRS and new
Sustainability Standards Board; Accountancy Europe reports on `going concern’
and `fraud’: shutting stable doors…
Digital: ECB –
penalty clause on CBCD; Vox: CBDC risk being a “gigantic flop”; BIS on digital
and future of money; survey on CB’s actions; Commission asks ESAs for technical
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.