Dutch lawmakers warn about chaos after Brexit | Group: UK banks should have post-Brexit access to big EU clients | Goldman's Blankfein: UK should vote again on Brexit
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17 November 2017
GFMA SmartBrief
News on the global financial markets
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Morning Bell
Dutch lawmakers warn about chaos after Brexit
The Netherlands must prepare for the UK to leave the EU without having reached agreement on a post-Brexit transition, the Dutch parliament's European affairs committee said. "What was long considered impossible is suddenly thinkable: a chaos scenario in which the UK abruptly leaves the EU on 29 March 2019 without an exit agreement, a transition period or a framework for future relations," according to a committee report.
The Guardian (London) (16 Nov.),  Politico Pro (subscription required) (16 Nov.) 
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Industry News
Group: UK banks should have post-Brexit access to big EU clients
After Brexit, UK banks should be free to offer services to institutional clients and large sophisticated investors in the EU, bank lobbying group UK Finance said. UK and EU supervisors should grant mutual recognition to each other's rules, so British banks licenced by the Bank of England would not have to obtain licences in the EU to do business outside the UK, the group said.
MLex (subscription required) (16 Nov.) 
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Goldman's Blankfein: UK should vote again on Brexit
Goldman's Blankfein: UK should vote again on Brexit
Blankfein (Bryan Bedder/Getty Images)
Britain should hold a second referendum on whether to withdraw from the EU, said Goldman Sachs CEO Lloyd Blankfein. "So much at stake, why not make sure consensus still there?" he asked in a Twitter post.
The Telegraph (London) (tiered subscription model) (16 Nov.),  BBC (16 Nov.) 
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Italian bank faces investor lawsuit over bond annulment
Investors in Italy's Monte dei Paschi di Siena bank are suing over bonds cancelled after a state bailout this year. They argue there was no legal basis for the annulment.
Financial Times (tiered subscription model) (16 Nov.) 
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LSEG cancels meeting with shareholder TCI
LSEG cancels meeting with shareholder TCI
Rolet (Leon Neal/AFP/Getty Images)
London Stock Exchange Group has decided not to meet with TCI Fund Management because the activist shareholder has demanded an extraordinary shareholders' meeting, which reportedly means every investor gets access to the board. TCI wants LSEG to remove Chairman Donald Brydon and to extend the contract of CEO Xavier Rolet, who is set to depart next year.
Sky News (15 Nov.),  Financial Times (tiered subscription model) (15 Nov.) 
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Regulatory Roundup
ESMA takes aim at false stock-picking funds
The European Securities and Markets Authority announced increased scrutiny of closet indexing, in which funds charge higher fees for using their expertise to pick stocks but actually just track market indexes. ESMA says it will request input from national regulators while also mandating them to heighten vigilance.
Reuters (16 Nov.) 
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EU nears US equivalence deal ahead of MiFID II
The European Commission has reportedly made an informal agreement to offer equivalent status to US trading venues ahead of Europe's revised Markets in Financial Instruments Directive, with similar approval for Swiss venues said to be possible but as yet unconfirmed. If EU states agree to the deal, it would ease investor access across European, Swiss and US markets.
Reuters (16 Nov.) 
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Nowotny: Cryptocurrency regulation on ECB radar
Nowotny: Cryptocurrency regulation on ECB radar
Nowotny (Dieter Nagl/Getty Images)
Legislators and central bankers are considering regulations for cryptocurrency trades to protect investors, said Ewald Nowotny, governing council member of the European Central Bank. Investors must understand the risks involved with cryptocurrencies, he said.
Reuters (16 Nov.) 
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Spotlight on China
China tightens risk controls for policy-lending banks
China is strengthening risk-management procedures and oversight for the China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China. Safeguards taking effect at the start of the year include mandatory reviews of internal capital adequacy at least once a year.
MLex (subscription required) (16 Nov.) 
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Tech Trends
Global authority pushes LEI requirement for fintech firms
The Global Legal Entity Identifier Foundation is calling on the Basel Committee on Banking Supervision to include the use of LEIs in a pending standard for financial technology. "For banks to be able to implement fintech and to address the associated operational, cyber and compliance risks, banks are going to need to be able to unequivocally identify all service provider types," according to the foundation.
MLex (subscription required) (15 Nov.) 
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AFME News
AFME/vdp's 5th Annual Covered Bonds Market Conference 1 December -- Berlin
Join more than 150 senior covered bond professionals from Europe's major regulators, investors, law firms, dealers/brokers and rating agencies at AFME/vdp's 5th Annual Covered Bonds Market Conference. Topics include an update and analysis of the harmonisation of European covered bonds frameworks, investors' perspective on covered bonds, covered bonds market issuers and investors round table, geopolitical outlook for the EU and European capital markets and European covered bonds market forecast 2018.
Keynote speakers:
  • Didier Millerot, Head of Unit, Banks and Financial Conglomerates DG FISMA at the European Commission
  • Hans-Joerg Naumer, Global Head of Capital Markets & Thematic Research at Allianz Global Investors
Register here.
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ASIFMA News
Annual Conference 2017: Developing Asia's Capital Markets, 29-30 November in Hong Kong
This flagship annual event of ASIFMA is held in co-operation with the IOSCO Asia Pacific Committee and the EU Commission this year and brings together global and regional policymakers, high-level regulators and key industry practitioners from sell-side and buy-side to discuss important topics affecting Asian capital markets. Register now as seats are limited!
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