Our new service "Brexit
and the City - the Impact" builds on the popularity of my series
of videos about the impact of Brexit on "the City" - shorthand for
the financial services industry throughout the UK.
Details are here
15 December 2021
178th "Brussels 4 Breakfast": Our monthly look at
financial developments in the EU institutions, with Graham Bishop, Julia
Rodkiewicz (ICMA) and Thea Utoft (FTI Consulting)
Why you should watch: Regardless of Brexit, the EU matters – especially to the UK
financial services sector. What happens to CCPs is an obvious concern, but
developments on the CMU programme are equally – and more positively – important
to London. There is also the Green taxonomy, issues over a consolidated tape
(and post-trade transparency more generally), and a serious attempt to come to
grips with digitalisation and with the mysterious world of DeFi. Plus, what
does the new German government mean for financial services? And what does the
French Presidency have up its sleeve for the first half of next year?
Moderator: Andrew Hilton
Graham Bishop is the eponymous proprietor of grahambishop.com, one of the UK’s
longest-established EU consultancies. He is a former bond analyst with leading
US and UK banks who has been a fixture in the City of London and in Brussels
since the early 1970s.
Julia Rodkiewicz is the director of market practice and regulatory policy at the
International Capital Market Association in Brussels, where she opened a rep
office earlier this year. She was previously a director at ISDA, and before
that worked at BNY Mellon and CEPS.
Thea Utoft is a managing director at FTI Consulting in Brussels. She is a
former Counsellor to the Danish Permanent Representative, and before that was a
special adviser on EU affairs to the Danish financial regulator.
23rd November 2021
In his latest Federal Trust video - with over 16k views already - Graham Bishop argues that the
current controversy over central counterparties (CCPs) is symbolic of
the difficulties facing the City after Brexit.
The City will not lose its dominant position in this sector
overnight, but the EU sees building up its own CCPs as strategic
necessity. Over the years, the EU will look to make CCPs from the EU
first competitive with and then eventually more attractive than their
177th Brussels 4 Breakfast: 17 November 2021 with John O'Donnell (Reuters)
Why you should watch: Kyriakos Mitsotakis says the EU will review the S&GP – and
that the outcome will be ‘in our favour’. Wonder what Germany’s likely next
Finance Minister, Christian Lindner, makes of that – and how he will sell it to
FDP voters. Still, post-Covid, the debt and deficit limits make little sense.
As for the push for financial services to shift from London to Frankfurt, Paris
etc, it may be a question of timing. Longer term, the trend is (fairly) clear,
but, in the short term, there is certainly little appetite in Germany for
taking on new business – or new risks. One good thing from COP: the IFRS is
trying to sort out green from brown – and its proposal for an ISSB is a genuine
step forward. Other than that, the message from Glasgow was mixed:
eco-enthusiasts could see sunlit uplands. Cynics see only empty phrases. Other
issues: the so-called banking package, Solvency 2 on sustainability, AFME on
data sharing, and the usual confusion over CBDC.
Moderator: Andrew Hilton
Graham Bishop has been a fixture in the City of London since 1972, and deeply
immersed in euro-issues since the far-off days of the Giovannini Commission. He
set up his own consultancy in 2000, and has since become one of the most
dedicated Brussels-watchers in the UK.
John O’Donnell is the chief European correspondent for Reuters, based in
Frankfurt (though, pre-Covid) he was spending much of his time in Brussels. He
is a former business correspondent for the Sunday Times. His current interests
range from Russian money-laundering, to Taliban financing and the implications
of the Wirecard scandal.
I have published - with the Federal Trust -
another of my videos on "Brexit: the Impact on the City". This one is
entitled “Brexit has ended the Golden Age of the City of London.
June 23rd: 174th Brussels 4 Breakfast
Moderator: Andrew Hilton (Director, CSFI); Panellists: Graham Bishop; Andreas Dombret and Pablo Portugal. For members: link to summary and topics
June 4th: Financial Services Club/ZYen video with Alderman Mainelli and
Graham Bishop: Brexit: Ending the City's Dominance of European Finance?