Graham Bishop

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[Federal Trust @FedTrust]

Is Brexit breaking Britain - and would re-joining the EU and joining the euro be an answer to our economic problems? asks @GrahamBishopcom in a new paper for @FedTrust:
https://t.co/Tbf6sPNWZW

#RejoinEU #Brexitproblems #sovereigndebt #Trump #IranWar‌

[Graham Bishop @GrahamBishopcom]

I have decided to cease posting on X from now on. 9 Jan 2025

[Graham Bishop @GrahamBishopcom]

As 2024 draws to a close, I have recorded a video with the #FederalTrust's Donnelly on my views about the prospects of a #Brexit reset for the #CityofLondon.. Sadly hopes of a major improvement are doomed as the plans will inevitably founder on the rock of derivative clearing.

[Graham Bishop @GrahamBishopcom]

but focusses instead on the potential accession of many other small states…Perhaps the fevered UK debate about “reset” has not made it onto the EU’s radar screen.

[Graham Bishop @GrahamBishopcom]

Sadly, in my latest video, I felt the need to explain why the reset is doomed – see below. In any case, the leaked draft of the Conclusions of tomorrow’s Heads of Government Summit (#EUCO) does not even mention the UK

[Graham Bishop @GrahamBishopcom]

According to the #CityofLondon, the #UK remains the world’s top exporter of financial services, but questions remain about how much the #City might benefit from the #UKGovernment’s much-touted reset of relations with the #EU.

[Graham Bishop @GrahamBishopcom]

profitability is holding at high levels and liquidity (on the traditional metrics!) is high. The #EU’s insurers were also given good marks in #EIOPA’s stress test but the #ECB and #EIOPA jointly suggested that insurance coverage of natural catastrophe’s needs to be improved.

[Graham Bishop @GrahamBishopcom]

The resilience of the financial sector attracts much attention but the risk to the #sub-sea cables that carry its data is only just surfacing. Both #EBA and #SSM pronounced on the #EU’s banking sector:

[Graham Bishop @GrahamBishopcom]

There are clear risks to financial stability from its leverage – echoed in the #ESRB’s recommendations following a review of its first decade. #Debtsustainability is also emerging as a major issue as #ECON’s study is sharply critical of the new rules.

[Graham Bishop @GrahamBishopcom]

Highlights of my week: The Non-Bank Financial Institution (#NBFI) sector seems to be emerging from the shadows as the #FSB reported that, globally, it is now the same size as the traditional banking sector and growing much more rapidly.

[Graham Bishop @GrahamBishopcom]

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[Graham Bishop @GrahamBishopcom]

They conclude that these possibilities are limited, given the commitment of the EU to retaining the greatest possible financial control within the euro area.

[Graham Bishop @GrahamBishopcom]

A Brexit Reset for the City of London? https://t.co/lO4va7aEx4 via @YouTube
Graham Bishop and Brendan Donnelly discuss the possibilities for a reset of relations in the financial sector between the UK and EU.

[Graham Bishop @GrahamBishopcom]

and the #CityofLondon pointed out that the #UK raised as much new equity as #Paris and #Frankfurt together – but still ranked fifth in the world!

[Graham Bishop @GrahamBishopcom]

The #ESAs examined the risks of the transition to #Fitfor55 climate standards and concluded that the transition alone would not pose risks to financial stability. Chancellor #Reeves delivered her #MansionHouse speech

[Graham Bishop @GrahamBishopcom]

#ICMA concluded that one-size-fits-all regulation is not appropriate for the #NBFI sector. #COP29 ends tomorrow and the institutional investors’ group – #IIGCC- summarised the first week for investors. #IFRS provided a guide for companies to identify risks (and opportunities).

[Graham Bishop @GrahamBishopcom]

capital requirement than #US banks. #Council finally agreed #EMIR3 and #ESMA promptly began asking about the Active Account Requirement (#AAR). #AFME published the next edition of its #CMU Performance Indicators – with bleak comparisons for the EU.

[Graham Bishop @GrahamBishopcom]

fully the agreed reforms, especially on links to #NBFIs. #CEPS suggested that the #EU should not compare itself precisely to #US financial markets, given its very different characteristics and the #ECB seems split about publishing its report showing big #EU banks would have lower

[Graham Bishop @GrahamBishopcom]

But that start will have as its backdrop the #ECB’s chilling assessment about the potential revival of the euro area debt crisis contained in its new Financial Stability Review. The #G20 meeting triggered calls from both #FSB and the Basel Committee (#BCBS) to implement fully

[Graham Bishop @GrahamBishopcom]

Want to read the stories underlying these brief comments? Subscribe at https://t.co/NpkZQOPb5k
Highlights of my week: At the very last moment, #EuropeanParliament has agreed the new #Commissioners so “#UvL2” should be able to take office on 1 December.