Brexit and the Future UK–EU Relationship

2020 ◽  
pp. 150-178
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Political Economy ◽  
Financial Services ◽  
Financial Regulation ◽  
Mutual Recognition ◽  
Trade Agreements ◽  
Single Market ◽  
Elected Officials ◽  
The Future ◽  
City Of London ◽  
The City

This chapter uses the domestic political economy framework to consider the implications of Brexit for UK financial regulation. It outlines the likely future UK–EU relationship by analysing the preferences, role, and influence of key domestic groups on Brexit, and by assessing the EU’s framework for managing relations with third countries. We argue that elected officials pursued a ‘hard’ Brexit position in response to parliamentary constraints and pressure from financial regulators to avoid becoming rule-takers. The City of London authorities pushed strongly for a bespoke deal based on mutual recognition, although this masked significant intra-industry divisions. The EU’s insistence that the future relationship be based on the existing third-country regime reflected a desire to defend the single market, but also Franco-German incentives to compete for post-Brexit business. However, the coverage of third-country equivalence rules in finance, and the inclusion of financial services in trade agreements, remains limited.

Brexit’s impact on the City of London will vary

2020 ◽  
Keyword(s):  
Financial Markets ◽  
Free Trade ◽  
Financial Services ◽  
Single Market ◽  
Services Trade ◽  
Content Type ◽  
Eu Countries ◽  
Trade Deals ◽  
City Of London ◽  
The City

Significance The alternative to passporting after Brexit is ‘equivalence’, which would allow EU and UK firms access each other’s financial markets. However, such a regime does have the same sectoral coverage as passporting and is vulnerable to revocation. Impacts New free trade deals with non-EU countries will not substitute for the EU’s single market in terms of financial services coverage. While the strength of other EU financial centres will grow, London has an infrastructure that is difficult to replicate. Failure to reach an agreement on UK-EU financial services trade could see many firms unable to serve EU clients from London.

Part III UK Derivatives, Money, and Debt Markets, 11 UK Derivatives and Commodities Markets

2021 ◽  
Author(s):  
Dwyer Emma
Keyword(s):  
Rapid Growth ◽  
Financial Services ◽  
International Markets ◽  
Over The Counter ◽  
The Past ◽  
Trading Activities ◽  
The Uk ◽  
City Of London ◽  
The City ◽  
Commodities Markets

This chapter considers the markets for the trading of derivatives and commodities in the UK, which form an important part of the financial services industry of the City of London. This chapter describes the precursors of the types of trading activities that were conducted historically in the City of London and have spread to neighbouring areas of west, central, and east London for the past forty years. It also emphasizes the growth of electronic trading platforms and the rapid growth of technology that diffuses trading activities geographically. This chapter addresses the question as to whether it makes sense to continuously speak of “UK” derivatives and commodities markets, as opposed to European or international markets. It talks about over—the—counter (OTC) trades executed in the UK that often involve at least one party operating from a location outside the UK.

Introduction

2020 ◽  
pp. 1-17
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Financial Regulation ◽  
Single Market ◽  
Preliminary Assessment ◽  
The Future ◽  
Multi Level ◽  
The Uk ◽  
The Impact ◽  
The Eu ◽  
Regulatory Reforms

This chapter outlines the theoretical and empirical puzzles that inform the book, its objectives, overall argument, and structure. It sets out to explain the changing preferences and influence of the UK in shaping multi-level financial regulation. In particular, the book addresses two empirical questions. Why has the UK favoured increasingly stringent regulation in certain financial sectors since the crisis, but not in others? Why has the UK led international and EU-level regulatory reforms in some areas, but has resisted these initiatives in other areas? The chapter also outlines the book’s ambition to undertake a preliminary assessment of the impact of Brexit on the future of UK financial regulation, focused on two questions. Why has the UK decided to withdraw from the EU single market in services, including finance? How is Brexit likely to impact on the UK’s regulatory preferences and ability to shape multi-level financial regulation?

“A Just and Profitable Commerce”: Moral Economy and the Middle Classes in Eighteenth-Century London

1993 ◽  
Vol 32 (4) ◽  
pp. 305-332 ◽  
Author(s):  
Susan E. Brown
Keyword(s):  
Political Economy ◽  
Eighteenth Century ◽  
Moral Economy ◽  
Reference Points ◽  
Ongoing Research ◽  
Economic Relations ◽  
Market Relations ◽  
City Of London ◽  
The City ◽  
Fundamental Reference

It has been twenty years since E. P. Thompson introduced the term “moral economy” into the historian's vocabulary. Since then it has exerted a paradigmatic force in explanations of the motivations for, and responses to, various forms of popular action. Pitted against this has been the notion of political economy, most often presented as a subsequent (and eventually triumphant) ideological development that was necessarily antithetical to a moral economy. Together these two models have served as fundamental reference points around which accounts of popular protest and public policy have been constructed. Recent explorations into past assumptions regarding the proper functioning of the marketplace have served to open this conventional schematization to debate. Thompson himself has once again entered the fray with a further refinement and restatement of his original arguments and a spirited riposte to his critics. The purpose of the following essay is to focus and further develop this debate in light of the author's ongoing research into the City of London in the late eighteenth century.In seeking to loosen the constructs through which past economic relations and ideologies have been characterized, this essay will concentrate on two main areas of enquiry. The first follows the work of other historians in attempting to probe more deeply into the diverse and often conflicting understandings of the marketplace articulated in this period, thus revealing alternate possibilities in the interstices of moral economy and political economy. The second as yet remains relatively unexplored and concerns a series of assumptions as to who might be expected to advocate these various conceptions of market relations and why.

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