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  • Dear delegates

  • the official language of this conference is English

  • Let·s get the party rocking

  • Silence

  • Today, we focus on

  • We, the United Kingdom

  • held a national referendum on 6/23

  • and the result showed that 52% voted to leave

  • and 48% wanted to stay

  • The next day, Cameron claimed to resign

  • The British pound depreciated and the index of FTSE 100 plunged

  • After that, Theresa May became the new prime minister

  • We, Germany

  • strongly refuse any informal Brexit talks until the UK triggers Article 50

  • Italy Second

  • France Second

  • Oh my friends

  • Brexit means Brexit

  • We will trigger Article 50 to formally initiate the leaving process

  • by the end of March next year

  • Her firm tone implied a tendency for Britain to totally breaks up with EU

  • which was called Hard Brexit

  • Unlike the concept of Soft Brexit

  • speculated by the market formerly

  • British is probably not paying the member fee for the access to the single market

  • Established in 1694

  • Bank of England is the first central bank in the world

  • and it has been the cutting edge of financial instruments and law due to their foresight and opening policy

  • London boasts 250 foreign banks and 200 foreign law firms

  • An abundance of clever people

  • adept in English law as much as in finance

  • gathers here, and the wealth of employers, in turn, attracts more workers

  • These factors offer London·s financial industry economies of scale

  • which forms its status as the main clearing center in euro-denominated securities

  • Such as, swap, stock, future, banknote, option

  • Around 70% of trading in euro interest-rate swaps

  • takes place in London produce clearing house

  • even though it is outside the euro zone

  • But what does clearing house mean

  • It is an intermediary between buyers and sellers of financial instruments

  • which secures them to attain what they want with the credible trading data

  • Also, if default occurs clearing house would take on the significant risk

  • making financial market stable and efficient

  • London·s economies of scale makes it the clearing center

  • and as it is much easier to find buyers and sellers in the tremendous market

  • being a clearing center attracts more financial businesses

  • London is viewed as a global entry point into the EU for financial services

  • but that relies on UK-based financial entities

  • being able to ;passport: their services within the EU single market

  • Because of Brexit

  • UK may lose its financial passporting rights

  • and countries such as China may withdraw their investment in the UK

  • Besides, it could also make the city less attractive for international banks and financial institutions

  • And further damage its status as European financial center

  • There·s also a possible solution to enter the single market

  • MIFID 2 creates a new single rulebook for non-EU members

  • to follow the same financial laws and regulations

  • and by this, they may enjoy some access to the single market

  • The European Central Bank has been monitoring the clearing market through BOE

  • to avoid the panic caused by violent price fluctuation

  • However, the ECB has long wanted its currency clearing to take place on its turf for effectiveness

  • As long as Britain losses EU membership and recourse to the European Court

  • London·s clearing center position may be deprived

  • following by the departing of international banks and financial institutions

  • Now, there are several cities, such as Paris, Frankfurt and Amsterdam

  • coveting after the position of clearing center because of its tremendous profit

  • Due to the time concern, who can give us a summary

  • London is not about to crumble in the short time

  • as other centers lack its scales and sheer concentration of expertise

  • Also, we suppose that the location of clearing center should be the result of free market system

  • rather than who speaks the loudest gets the prize

  • However, it·s no doubt that some business may go elsewhere

  • and Europe·s financial industry will become more fragmented and inefficient

  • due to the uncertainty to the future direction

  • The longer the political and regulatory vacuum lasts

  • the more harm it will do

  • Thanks for your efforts and participation

Dear delegates


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ロンドン・アフターBrexit ft.Econ MUN 模聯菁英 (London After Brexit ft. Econ MUN 模聯菁英)

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    oliver zero に公開 2021 年 01 月 14 日