scholarly journals Euro clearing after Brexit: shifting locations and oversight

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sven Van Kerckhoven ◽  
Jed Odermatt
Keyword(s):  
The European Union ◽  
Content Type ◽  
Financial Centre ◽  
European Regulatory ◽  
Financial Infrastructure ◽  
The Uk ◽  
City Of London ◽  
The Impact ◽  
The City ◽  
The Eu

Purpose This paper investigates the impact of moving Central Counterparty Clearing Houses (CCPs) that clear euro-denominated transactions to the Eurozone after the withdrawal of the UK from the European Union. Prior to Brexit, the City of London had a dominant position in euro-clearing, but in the aftermath of Brexit, clearing houses might decide to move to the EU27. This paper aims to investigate the impact of moving euro-clearing to the EU27. Design/methodology/approach This paper provides an economic, political and legal investigation based on desk research. It studies the relevant materials, as they relate to the functioning of Central Counterparty Clearing in the aftermath of Brexit, with specific attention to the potential shift of locations and oversight. Findings The development of a EU27 financial hub and the possibility to increase oversight over euro-denominated financial transactions, which were partly at the roots of the financial and Eurozone crisis, could strengthen the market shaping of European financial markets. However, localizing euro-denominated transactions in Europe could potentially give rise to efficiency losses and a higher risk for companies and investors. Furthermore, the European regulatory framework currently faces certain weaknesses, obstructing the regulatory potential of the EU. Research limitations/implications As the Brexit negotiations are not yet finished, this paper does not intend to set out a definite outcome of the processes currently taking place. Practical implications Shifting locations and oversight of CCPs as a result of Brexit could lead to the establishment of a large financial centre within the EU-27. At the same time, it is to be expected that such a development will have a significant impact on the financial infrastructure of the City of London. Originality/value There exists an important trade-off with regard to shifting locations that need to be at the forefront of the discussions and the negotiations when dealing with Brexit. This seems to be neglected in a lot of the current policy debates. This paper takes stock of the ongoing debate and how it relates to the functioning of CCPs.

scholarly journals Geopolitical disruptions and the manufacturing location decision in multinational company supply chains: a Delphi study on Brexit

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hamid Moradlou ◽  
Hendrik Reefke ◽  
Heather Skipworth ◽  
Samuel Roscoe
Keyword(s):  
Delphi Study ◽  
Imperfect Information ◽  
Location Decision ◽  
The European Union ◽  
Content Type ◽  
Manufacturing Location ◽  
Eclectic Paradigm ◽  
The Uk ◽  
The Impact ◽  
The Eu

PurposeThis study investigates the impact of geopolitical disruptions on the manufacturing supply chain (SC) location decision of managers in UK multinational firms. The context of study is the UK manufacturing sector and its response to the UK's decision to leave the European Union (EU), or Brexit.Design/methodology/approachThe study adopts an abductive, theory elaboration approach and expands on Dunning's eclectic paradigm of international production. A Delphi study over four iterative rounds is conducted to gather and assess insights into manufacturing SC location issues related to Brexit. The panel consisted of 30 experts and managers from a range of key industries, consultancies, governmental organisations, and academia. The Delphi findings are triangulated using a focus group with 38 participants.FindingsThe findings indicate that the majority of companies planned or have relocated production facilities from the UK to the EU, and distribution centres (DCs) from the EU to the UK. This was because of market-seeking advantages (being close to major centres of demand, ease of access to local and international markets) and efficiency-seeking advantages (costs related to expected delays at ports, tariff and non-tariff barriers). Ownership and internalisation advantages, also suggested by the eclectic paradigm, did not play a role in the location decision.Originality/valueThe study elaborates on the OLI framework by showing that policy-related uncertainty is a primary influencing factor in the manufacturing location decision, outweighing the importance of uncertainty as an influencer of governance mode choices. The authors find that during geopolitical disruptions managers make location decisions in tight time-frames with incomplete and imperfect information, in situations of high perceived uncertainty. The study elaborates on the eclectic paradigm by explaining how managerial cognition and bounded rationality influence the manufacturing location decision-making process.

Brexit: what are the options for the financial services industry?

2016 ◽  
Vol 17 (4) ◽  
pp. 45-53 ◽  
Author(s):  
David Sahr ◽  
Mark Compton ◽  
Alexandria Carr ◽  
Guy Wilkes ◽  
Alexander Behrens
Keyword(s):  
Financial Services ◽  
Political Development ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Financial Services Firms ◽  
The Uk ◽  
The Impact ◽  
The Eu

Purpose To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states. Design/methodology/approach Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU. Findings Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now. Practical implications Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business. Originality/value Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

scholarly journals From Big Bang to Brexit: The City of London and the Discursive Power of Finance

2021 ◽  
pp. 003232172098571
Author(s):  
Scott James ◽  
Hussein Kassim ◽  
Thomas Warren
Keyword(s):  
Big Bang ◽  
Policy Discourse ◽  
Real Economy ◽  
Financial Centre ◽  
Business Power ◽  
Financial Power ◽  
Discursive Power ◽  
City Of London ◽  
The City ◽  
The Eu

This article aims to generate new insights into the City’s influence during the Brexit negotiations. Integrating theories of discursive institutionalism and business power, we set out to analyse the dynamic ‘discursive power’ of finance. From this perspective, a key source of the City’s influence historically has been a powerful strategic discourse about London’s role as Europe’s leading global financial centre. This was strengthened following the financial crisis to emphasise its contribution to the ‘real’ economy and emerging regulatory threats from the EU. We argue that Brexit challenges the City’s discursive power by removing ‘ideational constraints’ on acceptable policy discourse, and undermining the ‘discursive co-production’ of financial power by government and industry. By encouraging financial actors to re-evaluate their interests, this has contributed to increasing discursive fragmentation and incoherence. Evidence for this comes from the City’s ambiguous policy preferences on Brexit, and the emergence of a rival pro-Brexit ‘discursive coalition’.

scholarly journals Safety and reliability of the personal bus carriages in integrated municipal system of traffic and public transport management - analysis of literature

2018 ◽  
Vol 19 (12) ◽  
pp. 246-251
Author(s):  
Paweł Woś ◽  
Jacek Michalski
Keyword(s):  
Public Transport ◽  
Road Safety ◽  
Road Transport ◽  
The European Union ◽  
Road Accidents ◽  
Safety And Reliability ◽  
Key Indicators ◽  
The Impact ◽  
The City ◽  
The Eu

The article analyzes the city's logistics development strategies and its public transport, especially bus traffic. Statistical analysis of all road transport in the European Union (EU) has been carried out. The most important reasons for the tragic road accidents in Poland have been mixed up. Key elements of active safety and passive safety of buses and road safety were analyzed. Characterized key indicators of road safety in the EU and the probability of bus incidents. The impact on the ecology of the city of road transport was analyzed in terms of the significance of exhaust emissions of various bus designs and emissions of other pollutants.

The Scottish Conservatives and Europe: The Reluctant Brexit Party

2020 ◽  
pp. 169-181
Author(s):  
Anthony Salamone
Keyword(s):  
European Union ◽  
Conservative Party ◽  
Political Context ◽  
The European Union ◽  
House Of Commons ◽  
Future Prospects ◽  
Four Dimensions ◽  
The Uk ◽  
The Impact ◽  
The Eu

As Scottish Conservative leader, Ruth Davidson was a prominent campaigner for a ‘Remain’ vote in the European Union referendum of June 2016. Following the 2017 general election, meanwhile, Davidson repositioned herself as someone who could – aided by 13 Scottish Tory MPs in the House of Commons – influence the Brexit negotiations and nudge the UK Conservative Party towards a ‘soft’ rather than ‘hard’ deal with the EU. This chapter considers the impact of Brexit on the Scottish Conservatives during the leadership of Ruth Davidson in four dimensions: Brexit’s distinct Scottish political context, its electoral consequences, the conduct of Brexit within the UK, and the Brexit negotiations themselves. It concludes with reflections on the future prospects for the Scottish party in light of all four dimensions.

Land of Hope and Enterprise

2021 ◽  
pp. 1-25
Author(s):  
Alex Brummer
Keyword(s):  
New York ◽  
Financial Crisis ◽  
International Institutions ◽  
Higher Learning ◽  
Financial Centre ◽  
Institutions Of Higher Learning ◽  
Eu Referendum ◽  
The Uk ◽  
City Of London ◽  
The City

This chapter examines the contribution of recognized activities that make the UK economy, such as the progress in research, pharmaceuticals, technology, software, and innovation that can be traced back to the intellectual powerhouses of UK's institutions of higher learning. It recounts the UK's love–hate relationship with the City of London, wherein the banks are still blamed for the financial crisis of 2007–2009 and the subsequent stagnation and fall in incomes. It also cites finance as the highest UK earner of overseas income and is a magnet for international institutions. The chapter describes London as the biggest financial centre outside New York and has attracted even greater numbers of skilled financial traders since the EU referendum result of 2016. It explains how the UK financial sector accommodated trading, provided credit, and raised new capital for troubled firms and those seeking post-Covid-19 opportunities.

11. Financial crime

2019 ◽  
pp. 420-451
Author(s):  
Jeremy Horder
Keyword(s):  
European Union ◽  
Money Laundering ◽  
Criminal Law ◽  
Financial Crime ◽  
The European Union ◽  
Home Office ◽  
Corporate Activity ◽  
The Uk ◽  
The Impact ◽  
The Eu

This chapter examines three major examples of financial crime: fraud, bribery, and money laundering. The importance of financial crime, and of vigorous prosecution policies in relation to it, should not be underestimated. Fraud accounts for no less than one third of all crimes captured by the Crime Survey for England and Wales. The European Union Parliament has estimated that corruption costs the EU between €179 and €990 billion each year. Finally, the Home Office estimates that the impact of money laundering on the UK economy is likely to exceed £90 billion. An understanding of these crimes, and in particular the way that they reflect corporate activity, is nowadays essential to the study of criminal law.

scholarly journals The regulations of shipping conferences in Taiwan referring to the EU to repeal the block exemption for liner conferences

2019 ◽  
Vol 4 (4) ◽  
pp. 365-394
Author(s):  
Rong-Her Chiu
Keyword(s):  
Strategic Alliances ◽  
Questionnaire Survey ◽  
Market Competition ◽  
Academic Research ◽  
Deep Understanding ◽  
The European Union ◽  
Content Type ◽  
The Usa ◽  
The Impact ◽  
The Eu

Purpose The first well-known liner shipping conference was created for the UK/Calcutta trade in 1875. However, the European Union (EU) decided to abolish repeal the liner conferences system with effect from October 18 2008. This paper aims to study the governing regulations on shipping conferences in Taiwan along with investigating the impact on the EU to repeal conferences. The regulation on liner conferences in the USA is also briefly referred. Design/methodology/approach Literature review and questionnaire survey are used to conduct the study. This paper reviews important literature relating to the EU to repeal the conferences system and its impact on liner market competition to/from European trade routes, with discussions on the US and Taiwan regulations on shipping conferences. Questionnaire survey data, collected from published report and this research present shippers’ and carriers’ responses on the changes of regulations on liner conferences. Findings Shippers are strongly supporting the repeal of the conferences system. Academic research results basically reveal that the liner market will be more competitive in the trades to/from the USA and the EU after the repeal of the conferences. For Taiwan, its regulations are rather simple and loosely control over the liner conferences; therefore, if the shipping administration intends to enhance the inspection of the agreements of conferences and strategic alliances, more detailed regulations should be prepared, and the provisions of the EU or USA would be a good reference. Practical implications Through the discussions on the legal treatments of shipping conferences from the USA, the EU and Taiwan perspectives, this paper provides shipping researchers with not only a clear evolution of the liner conferences but also a deep understanding of the impact to repeal the conferences on liner market competition. Originality/value This paper reviews important literature and related legislations on liner conferences including the USA, the EU and Taiwan. The different responses on the EU to repeal the conferences system from shippers and carriers are discussed. The impact on liner market competition is presented.

scholarly journals Evaluating the implications of Brexit for research collaboration and policy: a network analysis and simulation study

BMJ Open ◽  
2019 ◽  
Vol 9 (9) ◽  
pp. e025025
Author(s):  
George Garas ◽  
Isabella Cingolani ◽  
Vanash M Patel ◽  
Pietro Panzarasa ◽  
Ara Darzi ◽  
...  
Keyword(s):  
Research Collaboration ◽  
Research Impact ◽  
Collaboration Network ◽  
The European Union ◽  
Short Term ◽  
Research And Innovation ◽  
Strategic Relationships ◽  
The Uk ◽  
The Impact ◽  
The Eu

ObjectiveTo evaluate the role of the European Union (EU) as a research collaborator in the UK’s success as a global leader in healthcare research and innovation and quantify the impact that Brexit may have.DesignNetwork and regression analysis of scientific collaboration, followed by simulation models based on alternative scenarios.SettingInternational real-world collaboration network among all countries involved in robotic surgical research and innovation.Participants772 organisations from industry and academia nested within 56 countries and connected through 2397 collaboration links.Main outcome measuresResearch impact measured through citations and innovation value measured through the innovation index.ResultsGlobally, the UK ranks third in robotic surgical innovation, and the EU constitutes its prime collaborator. Brokerage opportunities and collaborators’ geographical diversity are associated with a country’s research impact (c=211.320 and 244.527, respectively; p<0·01) and innovation (c=18.819 and 30.850, respectively; p<0·01). Replacing EU collaborators with US ones is the only strategy that could benefit the UK, but on the condition that US collaborators are chosen among the top-performing ones, which is likely to be very difficult and costly, at least in the short term.ConclusionsThis study suggests what has long been argued, namely that the UK-EU research partnership has been mutually beneficial and that its continuation represents the best possible outcome for both negotiating parties. However, the uncertainties raised by Brexit necessitate looking beyond the EU for potential research partners. In the short term, the UK’s best strategy might be to try and maintain its academic links with the EU. In the longer term, strategic relationships with research powerhouses, including the USA, China and India, are likely to be crucial for the UK to remain a global innovation leader.

UK agriculture will pursue new markets post-Brexit

2017 ◽  
Keyword(s):  
Wine Industry ◽  
Agricultural Policies ◽  
Content Type ◽  
The United Kingdom ◽  
Wine Experts ◽  
Food And Drink ◽  
Scottish Independence ◽  
The Uk ◽  
The Impact ◽  
The Eu

Subject The impact of Brexit on the UK agricultural and food and drink sectors. Significance Agriculture and the food and drink sector will be among those industries most affected by Prime Minister Theresa May’s decision to pursue a ‘hard’ Brexit. It is uncertain to what extent domestic agricultural policies will replace the support and funding mechanisms of the EU. The food and drink sector will have to adjust to the possibility of future tariffs. Impacts Scottish independence would hit the drink sector, with Scotch whisky alone accounting for almost one-quarter of UK food and drink exports. The burgeoning UK wine industry could be damaged if the informal knowledge transfer from French wine experts slows down. The United Kingdom and the EU will need to cooperate on the issue of access arrangements for fishing.

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