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Bank of England's Jon Cunliffe: Central Clearing and Resolution – learning some of the lessons of Lehmans
The BoE's Deputy Governor in Financial Stability addresses the progress that has been made to reform derivatives’ markets, and explains how the concentration of counterparty risk in central counterparties is managed and why we need to have a resolution regime for CCPs. View Article |
Javier Alonso: Banks' traditional funding sources - opportunities for capital markets
The Bank of Spain Deputy Governor highlighted some developments related to banks’ funding sources that he thinks may offer new opportunities for capital markets. He also touched upon Brexit, an event that is generating great uncertainty and for which careful preparation is required. View Article |
Bloomberg: UK banks face Brexit blow in France’s tilt at MiFID rules
France is seeking to tighten the equivalence rules of the MiFID II regulations, which would help UK finance firms do business in the European Union after Britain leaves the bloc, according to an internal policy document circulated in Brussels and seen by Bloomberg News. View Article |
Handelsblatt: Banks seek answers to remaining Brexit Question
Handelsblatt discusses the Brexit question which remains unanswered for those in the financial sector: Will financial institutions be allowed to conduct derivative transactions in euros in London post-Brexit? View Article |
Open Europe: Striking a Balance: A blueprint for the future UK-EU economic partnership
Open Europe's new report outlines a proposal for the future bilateral trading relationship where the UK remain highly integrated with the EU in goods, but obtains the flexibility to diverge in services. View Article |
Bloomberg: UK Labour seeks soft Brexit in bid to force defeat on May
The UK’s main opposition party proposed a plan to effectively stay in the European Union’s single market, a move that could nudge the country toward keeping closer to the bloc after Brexit. View Article |
Bloomberg: Barnier rejects freezing Brexit talks if No Irish progress
The European Union’s chief Brexit negotiator said failure to reach a deal on the Irish border will increase the risk of a messy divorce but ruled out resorting to punishment measures such as freezing talks with the UK. View Article |
Institute for Government: Government must propose its own Irish border 'backstop'
The UK Government must propose its own version of the Irish border “backstop” in order for Brexit negotiations to proceed, argues a new report by the Institute for Government. View Article |
The Sun: David Davis devises 10 mile-wide trade buffer zone along Northern Ireland border to break deadlock in Brexit talks
Brexit Secretary David Davis is devising a new Brexit plan to break a talks deadlock by giving Northern Ireland joint EU and UK status as well as a border buffer zone. View Article |
The Independent: If you were in any doubt about the disaster of post-Brexit trade deals, Trump’s tariffs should bring you back to reality
Trump has strengthened the case for a customs union with the EU. There is safety in the numbers of a market with 500 million consumers at a time of global turmoil in trade, writes Andrew Grice. View Article |
POLITICO: Norwegian PM to UK: Why would you want our EU deal?
Norwegian Prime Minister Erna Solberg pointed out that EEA membership would mean Britain continuing to abide by the four EU freedoms, including freedom of movement, as well as having no decision-making power in Brussels. View Article |
Bloomberg: No-deal Brexit has same customs cost as ‘Max Fac,’ tax head says
The UK tax authority said leaving the European Union without a deal would cost the country’s businesses about 20 billion pounds a year, or about the same as one of the two proposals being considered by the government for a post-Brexit customs regime. View Article |
Financial Times: Britain hints at staying in European VAT area after Brexit
Britain is taking what a minister has described as an “active role” in shaping new EU value added tax regulations for the 2020s, suggesting the Treasury is planning for the UK to remain inside the bloc’s VAT area after the Brexit transition period. View Article |
ICAS: Pessimism over Brexit's impact is deepening
Finance professionals have cautiously welcomed the provisional agreement on the UK’s exit from the European Union, announced in March, but pessimism over the ultimate impact of Brexit is deepening, according to the latest ICAS Brexit Tracker survey. View Article |
Financial Times: Hammond says UK will have to stick with new EU privacy rules
Philip Hammond, the UK chancellor, says the country will have to stick with EU privacy rules even after Brexit, despite the US finding the new data protection regime “uncomfortable”. View Article |
The Times: Revealed: plans for Doomsday Brexit
Britain would be hit with shortages of medicine, fuel and food within a fortnight if the UK tries to leave the European Union without a deal, according to a Doomsday Brexit scenario drawn up by senior civil servants for David Davis. View Article |
BBC: Brexit 'weighing on business investment'
Political uncertainty over Brexit is weighing on business investment, which has fallen to the lowest level for a year, a survey indicates. View Article |
Financial Times: Industrialists warn May they will not invest if Brexit uncertainty persists
Europe’s biggest industrial companies have warned Theresa May that they will not invest in Britain as long as there is uncertainty over the terms of its departure from the EU. View Article |
NIESR: There is no such thing as a costless Brexit
The main conclusion on the impact of Brexit from an economic point of view drawn by the latest Rabobank's knowledge centre study is that leaving the EU has significant direct and structural economic costs for the UK. View Article |
Financial Times: Logistics industry says ‘too late’ to avoid Brexit disruption
Britain’s logistics industry lost patience with the government, with lorry drivers saying their confidence in a well-managed Brexit is collapsing and the Channel tunnel warning it was “too late” to avoid serious disruption when the UK leaves the EU next March. View Article |
Bloomberg: UK economy risks being dragged down by shoppers' Brexit worry
British consumers are worried about prospects for the economy with Brexit on the horizon, and that could spark a shift in behaviour that drags even more on growth. View Article |
City AM: Investment bank Nomura gets German licence for post-Brexit Frankfurt base
Nomura confirmed it had received a licence from German financial regulator BaFin for its new Frankfurt subsidiary. View Article |
Financial Times: Wells Fargo eyes Paris and Dublin as post-Brexit hubs
Wells Fargo is eyeing a plan to use both Paris and Dublin as its post-Brexit hubs in Europe, becoming the latest global bank to prepare to shift some operations from London. View Article |
Bloomberg: The Italy panic might be bad news for the UK
The turmoil in Italy will only strengthen EU governments’ resolve that the UK suffer the consequences of its decision, three people familiar with the Brexit negotiations said. View Article |
Financial Times: Younger Britons are happy for Britain to be a ‘vassal state’
A new survey, conducted by DeltaPoll, suggests that another vote today would produce almost exactly the opposite result to the verdict in June 2016: a 5 per cent majority for Remain, compared with a four-point lead for Leave two years ago. View Article |
BBC: The English question: Young are less proud of nationality
Young people are far less likely to feel proud to be English than older generations, a major survey for the BBC reveals. View Article |
Brexit & UK