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30 January 2020

Standard Weekly Newsletter


Eurozone bankers launch fresh push against negative rates, AMF adopts action plan to promote investment research, Christine Lagarde launches ECB strategic review, EU Parliament approves Brexit deal, EU to start trade talks with UK on 3 March, Barnier confirms Irish Sea trade checks indispensable.

 

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We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

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Articles from 23 January 2020 - 30 January 2020
 

Banking Union

Deutsche Bundesbank and Deutsche Börse publish concept study on DLT-based collateral management : The study outlines that, in principle, DLT is capable of delivering further benefits in terms of the velocity and usability of collateral.  View Article
ECB keeps capital requirements and guidance for banks stable and increases transparency : The ECB published the outcomes of its 2019 Supervisory Review and Evaluation Process (SREP). The overall SREP requirements and guidance for Common Equity Tier 1 (CET1) capital remained stable at 10.6% in 2019, the same level as in 2018. The average Pillar 2 requirement, set by the supervisor for each bank, stood at 2.1% and the non-binding Pillar 2 guidance at 1.5%, both unchanged from the previous year.  View Article
Financial Times: Eurozone bankers launch fresh push against negative rates : Eurozone bank executives have launched a fresh lobbying push to convince policymakers of the dangers of long-term negative interest rates, warning they will hurt savers and pensioners while fuelling price bubbles in riskier assets. View Article
PIIE: A European anti–money laundering supervisor: From vision to legislation : Joshua Kirschenbaum and Nicolas Véron write that the European Commission should act fast to capitalize on the political momentum toward creating a central AML supervisory authority and present a full proposal to EU co-legislators (i.e., European Parliament and Council) by the summer of 2020. View Article

Capital Markets Union

Bruegel: European capital markets union, by rule and by choice : While the euro is now a leading global currency and the European Central Bank has become a comprehensive banking supervisor, Europe’s markets have been treading water, writes Rebecca Christie. View Article

Financial Market Structure

The AMF adopts its action plan to promote investment research : The AMF is planning to clarify its policy and support certain adjustments at the European level as part of the targeted review of MiFID II. These concern the regulation of issuer-paid analysis, pricing, proportionality, third-party research and ESG research. View Article

Broadening the International Role of the Euro

Paul Goldschmidt: Could the ECB turn out to be the Achilles tendon of the EU’s democratic legitimacy? : Goldschmidt warns that the ECB’s current status and its lack of oversight could make it the Achilles tendon through which nationalists and populists will contest the democratic legitimacy of the EU itself, further weakening the € and precipitating a financial crisis that would spread globally. View Article

Economic Policies Impacting EU Finance

ECB launches review of its monetary policy strategy : The Governing Council of the European Central Bank (ECB) launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003.  View Article
Christine Lagarde - FT
Financial Times: ECB kicks off policy battle as Christine Lagarde launches strategic review : The European Central Bank will examine whether it should alter its €200bn corporate bond holdings to take account of climate change, Christine Lagarde promised as she launched its first strategic review in 16 years. View Article

EU27 Politics

European Commission 2020 Work Programme: An ambitious roadmap for a Union that strives for more : The European Commission has adopted its 2020 Work Programme. It sets out the actions the Commission will take in 2020 to turn the Political Guidelines of President von der Leyen into tangible benefits for European citizens, businesses and society. View Article

Brexit

 

EU signs Brexit deal

 

Brexit: withdrawal agreement signed by the EU : Presidents Charles Michel and Ursula von der Leyen signed the Agreement on the Withdrawal of the UK in Brussels. View Article
POLITICO: Boris Johnson signs Brexit deal : UK PM says deal ‘brings to an end far too many years of argument and division.’ View Article
The Guardian: EU to start talks with UK over future relationship on 3 March : Negotiations on the UK’s post-Brexit relationship with the EU will start on 3 March, more than a month after the UK’s departure from the bloc, the Guardian can reveal. View Article
POLITICO: European Parliament approves Brexit deal : The European Parliament backed the Brexit deal agreed with the U.K. government, one of the last formal steps required to take Britain out of the European Union on January 31. View Article
The Guardian: Brexit secretary says UK will set out trade talk aims by early February : The UK will set out its negotiating aims for trade talks with the EU by early February and will not diverge from Brussels’ rules for the sake of it, Steve Barclay has said. View Article
Brexit Secretary Steve Barclay - The Guardian
The Guardian: Barnier rejects Johnson's claims over Irish Sea trade checks : The EU has rejected Boris Johnson’s claims that there will be no checks on goods going from Great Britain to Northern Ireland after Brexit, with Michel Barnier warning such checks are not dispensable. View Article
EurActiv: Even ‘bare bones’ EU-UK deal will be complex, tough to clinch: diplomats : Wrapping up even a “bare bones” deal on the future relationship between the European Union and Britain will be fraught with complexity and, with so little time to get it done, a painful “hard” Brexit on 31 December cannot be ruled out, diplomats said. View Article
The Independent: Brexit uncertainty could cost UK economy £15bn by end of decade, report finds : Continued uncertainty over Britain’s future trading relationship with the EU could cost the UK economy £4.4bn annually by the end of this year and £15bn by the end of the decade, a new report has warned. View Article
Financial Times: London loses top spot as global finance hub : London has surrendered its position as the world’s top financial centre to New York due in part to uncertainty over Brexit, according to a survey of senior financial services executives. View Article
Financial Times: Fear EU deal puts City of London at risk of ‘rule-taking’ : The system that would allow British financial firms to access the EU’s markets after Brexit could lead to “indirect rule-taking by the UK,” a City of London lobby group has warned. View Article
 
Graham Bishop #FBPE retweeted
Guy Verhofstadt Guy Verhofstadt
@guyverhofstadt
#Brexit is a failure of the Union. There is a lesson to learn from it: to deeply reform the Union. To make it into a real Union, a Union without opt-in, without opt-outs, without rebates, without exceptions. Only then we can defend our interests and defend our values. pic.twitter.com/asW7C5YK7A
 
Graham Bishop #FBPE retweeted
POLITICO Europe POLITICO Europe
@POLITICOEurope
The European Parliament has officially approved the #Brexit deal politi.co/2RAwmn6
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
Singing of Auld Lang Syne starts in the European Parliament as the Brexit Withdrawal Agreement is approved by MEPs bbc.in/37ELSUt pic.twitter.com/pTiLrW0Qlf
 
Graham Bishop #FBPE retweeted
<a href=LSE Brexit" src="https://pbs.twimg.com/profile_images/774177482110963716/IU4TjkuV_normal.jpg" /> LSE Brexit
@lsebrexitvote
“The UK’s major concessions during its first EU membership – the budget rebate, opt-outs on the euro and Schengen, special justice and home affairs arrangements – would not be on offer.” blogs.lse.ac.uk/brexit/2020/01…
 
Graham Bishop #FBPE retweeted
The Guardian The Guardian
@guardian
Brexit secretary says UK will set out trade talk aims by early February theguardian.com/politics/2020/…
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
U.K., European and American banks plan to ask the British government for as much as $5.2 billion annually in tax breaks post-Brexit trib.al/LwmQKfS
 
Graham Bishop #FBPE retweeted
Law Society Gazette Law Society Gazette
@lawsocgazette
UK should create one-stop-shop of financial services legislation to improve accessibility of law after Brexit, according to study by Linklaters and International Regulatory Strategy Group: lawgazette.co.uk/news/financial…
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
Brexit: US 'wants to reach trade deal with UK this year' bbc.in/2Rq19mi
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
EU seeks power to sanction UK over any breaches of Brexit deal on.ft.com/2Roborv
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
Fear EU deal puts City of London at risk of ‘rule-taking’ on.ft.com/2GbX0MF
 

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