Event Report: Hedging their bets: The impact of Brexit on the Financial Services Industry
On 22 November 2017, the European Movement International organised an event titled: Hedging their bets: The impact of Brexit on the Financial Services Industry” with ACCA (the Association of Chartered Certified Accountants).
After a key note speech from Jo Leinen, MEP and President of the EM International, a panel of experts composed of Guillaume McLaughlin, Head of Cabinet of Guy Verhofstadt, EP Brexit negotiator, Laura Muir, Head for Strategy and Bank Structure at Barclays, Tomohiro Ishikawa, Head of Regulatory Strategy for EMEA at Bank of Tokyo-Mitsubishi UFJ, Pablo Portugal, Director, Public Policy and Advocacy at AFME was moderated by EMI’s Secretary General Petros Fassoulas.
— ACCA Views (@ACCAViews) November 22, 2017
The debate confirmed that fragmentation and uncertainty are the enemies of financial markets. All speakers stressed the importance of early clarity on transitional arrangements and contractual continuity, so businesses and the financial industry can plan accordingly.
Pablo Portugal of @AFME_EU reaffirms the need for clarity of transition arrangements and contractual continuity, and that the financial services industry needs to know ASAP to plan for #Brexit #BrexitFinServ pic.twitter.com/vWlKtN45m4
— European Movement (@EMInternational) November 22, 2017
The importance of avoiding further market fragmentation and of continuing and strengthening the Capital Markets Union was also clearly stated. There was general consensus on that fact that we still don’t know how the post-Brexit world will look like. The EU-27 will be adjusting to the new reality and will need to develop its capital markets capacity to keep its competitiveness and attractiveness.
Concluding remarks were delivered by Richard Ashworth, MEP, and conclusions by Anthony Walters, Global head of Public Affairs at ACCA.
For a video of the event highlights, please see below.