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29 September 2016

Brexit 'Weekly'

Brexit, World Economic Forum, ECB, The City of London, Deutsche Bank, BIS, financial inclusion, EURIBOR and more.

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  Articles from 22 September 2016 - 29 September 2016

Euro area economy showed resilience after UK referendum, Mario Draghi tells MEPs
The recovery in the euro area is expected to continue at slower pace than envisaged in June due to a lower foreign demand outlook, ECB's Draghi told ECON members. The euro area economy showed resilience to global and political uncertainty, notably following the UK referendum outcome.  View Article
World Economic Forum: What impact will Brexit have on the UK’s competitiveness?
The WEF analysis is that there is a clear downside risk to the UK economy from leaving the European Union, with only limited potential for upside, at least in the short term.  View Article
Financial Times: City’s special relationship with EU finance system revealed
Banks that use the UK as a gateway to the EU employ more than 590,000 people, have more than £7.5tn of assets and make annual profits of more than £50bn, according to Companies House data analysed by the FT.  View Article
Bloomberg: Most UK CEOs say they would consider moving after Brexit
The UK’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG.  View Article
Financial Times: City of London fears May government is shifting towards ‘hard’ Brexit
Leading bankers who have held talks with government ministers have told the Financial Times they believe Theresa May, the prime minister, will end up taking Britain out of the EU’s single market and customs union.  View Article
Hedgeweek: Brexit allows Malta to consolidate UK relationship
Some jurisdictions have been quick to seize the initiative on the back of the uncertainty that UK firms face after Brexit – especially as it relates to passporting for London's much lauded financial services industry – Malta is focusing on maintaining the harmonious relationship it has with the UK.  View Article
Bloomberg: Fox says UK will ‘uphold’ WTO Commitments after Brexit
Trade Secretary Liam Fox said the UK will “continue to uphold” its commitments to the World Trade Organization even after it leaves the European Union, drawing praise from pro-Brexit economists and alarm from those seeking a softer withdrawal from the bloc.  View Article
Financial Times: Confidential report reveals Brexit threat to consumer banking
The consumer-facing side of British banking will be hit by Brexit, with services like credit cards, private banking and digital payments all facing disruption, according to a confidential industry report.  View Article
Bloomberg: Banks said to plan for loss of euro clearing after Brexit
Executives at global investment banks in London expect France and Germany will prevail in a tussle over the clearing of $570 billion of euro derivatives and are making plans to deal with the fallout. In Graham Bishop's view - quoted in the article-, the ECB “has no choice but to take clearing away."  View Article
Reuters: European firms offer Britain scant support in divorce talks
More than 20 European business associations and companies interviewed by Reuters say they back their government's position that Britain's banking sector can only enjoy EU market access post-Brexit if the country still follows the bloc's rules.  View Article
The Guardian: Brexit anxiety taking its toll on financial services sector, CBI finds
Optimism dropped for the third consecutive quarter in the three months to September, according to the research jointly produced by the CBI business lobby group and the accountancy firm PwC.  View Article
The Telegraph: US bank bosses from Goldman Sachs, Morgan Stanley and BlackRock threaten Theresa May with relocation
The bosses of several of America’s biggest banks and corporations have warned Theresa May they will pre-emptively shift operations into Europe unless she can provide early clarity on the future shape of EU-UK relations, The Telegraph has learned.  View Article
City AM: Lloyd's of London could announce Brexit restructure plans before Christmas
Specialist insurance market Lloyd's of London is close to announcing whether it is considering relocating part of its operations if the UK loses vital passporting rights as a result of the Brexit vote.  View Article
British Bankers Association: Cross-border financial services in the spotlight
Following the Brexit vote the topic of cross-border activity has been thrust into the limelight. It is important not to underestimate the complexity of cross-border business which can be related to the export of services, the sale of a product abroad or an investment on a foreign regulated market.  View Article
City AM: City finance jobs tumble after Brexit vote
Job openings in the City dried up over the summer as finance firms put hiring on hold while they assess the damage of the UK's vote to leave the EU, according to new research.  View Article
Financial Times: A hard Brexit is far from inevitable
There is room for compromise on both sides, writes Peter Mandelson.  View Article
CEPS: The Economics of Brexit: It’s not about the Internal Market
The United Kingdom’s vote to ‘Brexit’ the European Union is on course to become the year’s biggest non-event. Beyond a weaker pound and lower UK interest rates, the referendum has not had much of a lasting impact. Have the costs of Brexit been overblown? Not exactly.  View Article
Open Europe: Political creativity needed for ambitious Brexit deal may be in short supply
Stephen Booth argued that the biggest challenge in delivering an “ambitious” new relationship with the EU, will be navigating the increasing political volatility within and between the other 27 EU member states.  View Article
CER: Brexit Britain: The poor man of Western Europe?
Contrary to much of the received wisdom, Britain has not been one of Europe’s economic stars over the last 15 years. And Brexit is set to exacerbate the economy’s underlying weaknesses, writes Simon Tilford.  View Article
POLITICO: Germany preparing Deutsche Bank bailout: report
Germany is drawing up plans to rescue Deutsche Bank if its $14 billion (€12.5 billion) fine from U.S. authorities plunges it into further financial difficulty, according to a report in Die Zeit.  View Article
BIS: Guidance on the application of the Core Principles for Effective Banking Supervision to institutions relevant to financial inclusion
The Guidance identifies 19 of the total 29 Core Principles where additional guidance is needed, and both Essential Criteria and Additional Criteria which have specific relevance to the financial inclusion context.  View Article
ECB's Cœuré: Reforming financial sector benchmarks
Benoît Cœuré, Member of the Executive Board of the ECB, reported on the EURIBOR reform and asked banks in the euro money market to participate in the pre-live verification exercise the administrator is planning, in order for the reform to be a success.  View Article
Financial Times: Europe’s latest bank crackdown sparks fear and relief
A decade ago, a simple bank could make a decent margin, paying less for its own funds than it received from the loans or securities on its balance sheet. Now, negative interest rates and quantitative easing are making the maths far more challenging.  View Article
Financial Times: Europe’s banks need consolidation to find stability
Stability and integration of the European financial system are two sides of the same coin. A well-designed regulatory framework needs to set a proper balance between the two complementary objectives, argues Lorenzo Bini Smaghi.  View Article
IB Times: UK jumps three spots to seventh place in WEF competitiveness rankings
The UK has been ranked as the seventh most competitive economy in the world, according to the World Economic Forum's 2016-17 global competitiveness report. The ranking did not take June's Brexit vote into consideration.  View Article
ECB: The next steps in the evolution of the Eurosystem’s market infrastructure
Yves Mersch said the Eurosystem’s strategic reflections on the future development of its market infrastructure centre around three components: the consolidation of TARGET2 and TARGET2-Securities; the settlement of services to support instant payments; and a Eurosystem collateral management system.  View Article

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