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22 September 2016

Brexit 'Weekly'


BIS Quarterly Review, passporting rights, Single-Market, Financial Services Negotiation Forum, Clearing, Brexit, OECD, IMF and more.

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  Articles from 15 September 2016 - 22 September 2016

  Grahams Articles, Comments & Speeches
 
 
“Clearing”: Will CCPs move to the Eurozone?
Whatever else it does, Brexit must surely force regulators to take a firm grip on the political hot potato that Central Counter-Parties clearing vast volumes of derivative transactions within the EU have become.  View Article
 
  Political
 
 
September 2016 BIS Quarterly Review: Markets pass Brexit test
Markets recovered quickly from the shock of the Brexit vote. Central banks have exerted a calming influence and have eased further in recent months as dissonant markets raised questions about the outlook and the pricing of underlying risks.   View Article
Remarks by European Council President Donald Tusk after the Bratislava summit
Tusk highlighted that Bratislava is the first summit during which leaders discussed the common EU future of 27 States, without the UK. EU27 leaders debated about the root causes of the current political situation in Europe.   View Article
The Guardian: Hard Brexit will cost City of London its hub status, warns Bundesbank boss
Passporting rights to operate across EU will be lost if UK does not at least stay within the European Economic Area, says Jens Weidmann.  View Article
Financial Times: ‘Significant’ Brexit risk for 5,500 UK groups using EU passporting - FCA
More than 8,000 financial services companies based in the EU or the European Economic Area also rely on single-market passports to do business in Britain, according to figures published by the UK financial regulator.  View Article
Financial Times: Loss of passporting rights ‘manageable’ for the City – Moody’s
Britain’s biggest banks and financial services can withstand the loss of their much cherished passporting rights should the UK leave the EU’s single market, Moody’s has said.  View Article
Bloomberg: Hammond said to be ready to ditch EU Single-Market on Brexit
Chancellor of the Exchequer Philip Hammond is ready to accept that Britain may have to give up membership of the European Union’s single market to achieve the immigration restrictions that voters have demanded, according to two officials familiar with his thinking.  View Article
New Joint Forum Unites Leave and Remain
The Financial Services Negotiation Forum (FSNForum) will launch on 19 October with a press briefing announcing its new Board and reporting on progress with various initiatives and the first meeting of its Honorary Advisory Council. Graham Bishop is a member of the Forum's Executive Committee.  View Article
Bruegel: Evidence on the future of financial services in the UK following the Brexit vote
UK House of Lords EU Sub-Committee on Financial Affairs' call for evidence on the future of Financial Services in the UK following the vote to leave the European Union.  View Article
Financial Times: MUFG adds to pressure on UK to engineer a soft Brexit
The head of Japan’s biggest bank has called on the UK to engineer a “soft Brexit”, underscoring Japan’s status as the most co-ordinated foreign critic of Britain’s decision to leave the EU.  View Article
Bloomberg: Brexit backer says bank freedom starts by embracing EU rules
The UK should ensure that MiFID II enters into force as intended in January 2018 to avoid complicating the government’s talks on secession from the bloc, said Jacob Rees-Mogg, a Conservative lawmaker in Parliament’s Treasury Committee.  View Article
Financial Times: US finance groups call for Brexit ‘transition period’
The biggest trade groups for the US finance industry have urged Treasury secretary Jack Lew to lobby for a post-Brexit “transition period” so members can adjust to the fallout, warning that if the process was not managed well it posed “significant risk to the financial markets and global economy”.  View Article
Bertelsmann Stiftung & Jacques Delors Institut: Repair and Prepare: Growth and the Euro after Brexit
Reforms and a deepening of European Economic and Monetary Union are vital for the future of the EU. If the euro fails, the entire European project is at risk. These are the key findings of the report prepared by a group of international experts.  View Article
Financial Times: The City’s passport to a bright future outside the bloc
Join the EU banking union and allow free movement of labour in finance, writes vice-chairman for sovereigns and official institutions at Morgan Stanley Reza Moghadam.  View Article
EurActiv: Switzerland and EU head – politely – for the rocks
As all eyes focus on Brexit – where everything has changed but nothing has started – there is another proud European democracy which would like to shut its doors to immigrants, but keep open the EU’s doors to its goods and services – Switzerland, writes Denis MacShane.  View Article
CER: Why a hard Brexit looks likely
Recent data suggests that the Brexit vote will not cause a recession. This, coupled with the fact that British voters rejected two important principles of the EU, makes a single market exit all but certain, argues John Springford.  View Article
CER: Brexit will make Britain's mediocre economic record worse
Britain is already an average economic performer by Western European standards. Brexit will further sap its economic dynamism and aggravate startling regional disparities, writes Simon Tilford.  View Article
 
  Financial
 
 
IMF: Supervisory incentives in a banking union
This International Monetary Fund‘s (IMF) paper develops a simple model to analyze supervisory incentives and bank behavior. In the model, levered banks protected by limited liability invest in portfolios that are too risky from a social welfare perspective.  View Article
ACCA welcomes the Parliament's adoption of the report on access to finance for SME's in a Capital Markets Union
The global accountancy body commends MEP Othmar Karas’ report “Access to finance for SMEs and increasing the diversity of sme funding in a CMU”. ACCA fully shares the view that the diversity of SMEs should be mirrored by more diversity of choices of funding and a tailor–made regulatory approach.  View Article
 
  Economic
 
 
OECD warns weak trade and financial distortions damage global growth prospects
The global economy is projected to grow at a slower pace this year than in 2015, with only a modest uptick expected in 2017. In the United Kingdom, growth is slowing following the 23 June referendum to leave the European Union.   View Article
National productivity boards backed by Council
The Council has issued a recommendation calling on the eurozone member states to establish national productivity boards.  View Article
 

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