The City is one of Britain’s great export industries. Yet its continued success is far from certain. From high up in their towers some 90,000 bankers look down on the Thames as it meanders past what was, in living memory, the world’s busiest port. Six decades ago these shores saw a daily tide of vessels [...]
Why the City of London is European: David Cameron must persuade the French and other EU members that London’s financial centre is their asset too. Next month’s Franco-British collôque will provide much-needed group therapy for a relationship in crisis. The easy part will be where UK delegates reiterate their commitment to an open and competitive [...]
Capital markets in 2025: The future of equity capital markets. Is the focus of capital markets finance moving eastward? Will emerging market exchanges have the sophistication and infrastructure to challenge the IPO services offered by incumbent exchanges in the West? Where will the companies looking to list come from? What are the drivers behind the [...]
31 May. BoE: Building resilient financial systems: macroprudential regimes and securities market regulation. Speaking at the International Council of Securities Associations Annual General Meeting, Paul Tucker – Deputy Governor for Financial Stability – considers how the regulation of securities markets fits into the development of macroprudential regimes. Bank and securities markets were once distinct, but [...]
We provide an adaptation, in presentation form, of the recent speech by by US Federal Reserve Governor Daniel K Tarullo at the Council of Institutional Investors Meeting. (Washington, DC, April 2010). The Federal Reserve and other financial regulators have, under existing statutory authority, already implemented some changes to prudential rules and to supervisory oversight processes. [...]
The annual Geneva Conference organised together with CEPR by the International Centre for Monetary and Banking Studies looked this year at financial market regulation. The latest title in the Geneva Reports on the World Economy series, “The Fundamental Principles of Financial Regulation”, has been prepared by Markus Brunnermeier (Princeton and CEPR), Andrew Crockett (JPMorgan), Charles [...]
Recently, the G-20 leaders asked the International Monetary Fund to review a financial sector tax that could be used to pay for shutting down battered megabanks and other financial institutions whose failure could threaten, once again, the global economy. In a speech on Monday the IMF’s deputy managing director, John Lipsky, said he was open [...]
The rally in risky assets is proving hard to stop. Good economic news causes share prices to rise because it indicates the recovery is robust; bad economic news also causes prices to rise because it signals that central banks will keep interest rates near zero. Those low interest rates have probably been the main driver [...]
The issue of high-frequency trading may seem irrelevant to small investors. If you’re only buying and selling stocks and mutual funds occasionally, what difference does it make whether some traders are able to move quickly in and out of those same stocks, squeezing an extra penny or two of profit here and there? But this [...]