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Graham Bishop is renowned for his vision and the courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system. He has been referred to as a one-man think tank.
European Commission: His influence at the meeting point of politics, economics and finance has been recognised on many occasions - most recently when the European Commission asked him to study the attitudes of investors toward the euro area sovereign bond markets. In particular, he explored attitudes towards the potential for a “common euro area safe asset”: what characteristics should it possess and whether it would ameliorate any of the concerns expressed about the features of existing bond markets.
Graham's many pro bono activities illuminate and reinforce his Consultancy Services. His deep knowledge of Europe’s financial system is integrated with his understanding of EU economic and budgetary policy-making – whilst set within the necessary framework of democratic accountability.
He was a member of the Commission's Consultative Group on the Impact of the Euro on Capital Markets; of the Commission's Strategy Group on Financial Services; and of the Committee of Independent Experts on the preparation of the changeover to the single currency (1994/5).
This Website, as well as Graham's Consultancy Service, is designed to bring clients the direct insights that flow from Graham’s position as a leading technical analyst of economic and structural developments in the financial markets of Europe.
"Institutional investors and major financial firms now face a huge commercial challenge in Europe. The vision of political integration has entered a critical phase: ...."
"..analysis of obscure bureaucratic manoeuvrings towards fiscal union, labour mobility and tax co-ordination etc. is quite outside the comfort zone of many..."
"It is now entirely foreseeable that governments may make potentially far-reaching changes that would impact the valuation of European financial assets, as well as reforming the nature of the regulations governing key parts of the financial sector’s business".
"..So the consequences of this crisis will be historic – and will reverberate around global financial markets. The stakes for participants in European financial markets could not be higher.."
Consultancy services can take many forms: face-to-face meetings, telephone discussions, written comments, speeches, special articles, customised research projects, etc.
A regulation that will improve the transparency of securities lending and repurchase transactions was adopted by the Council on 16 November 2015.
The regulation is intended to counter the risk of trading activities developing outside the regulated banking system, or otherwise without proper oversight.
By introducing binding and reporting requirements, it sets out to discourage banks and other financial intermediaries from shifting transactions to the less-regulated shadow banking sector. It will ensure that information on securities financing transactions is efficiently reported to trade repositories and investors in collective investment undertakings.
Securities financing transactions, often carried out in the shadow banking sector, are transactions that use assets belonging to the counterparty to generate financing. They usually involve the lending or borrowing of securities or commodities, repurchase (repo) or reverse repurchase transactions, or buy-back/sell-back transactions.
An agreement on the text was reached with the European Parliament on 17 June 2015. The Parliament consequently adopted its position at first reading on 29 October.
A package of measures
A proposal was presented by the Commission in January 2014, together with a draft regulation on structural reform of the EU banking sector. Both set out to enhance financial stability. Negotiations on the bank structures proposal will start once the Parliament has agreed its negotiating stance.
The regulation on securities financing transactions will improve transparency in three main areas:
The regulation was adopted at a meeting of the Agriculture and Fisheries Council, without discussion. It will enter into force on the 20th day following its publication in the EU Official Journal.
Regulation on securities financing transactions
Full press release
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