In London, there was much furor in the House of Lords last week as peers hotly debated Brexit under the watchful eye of Prime Minister Theresa May. May took the unprecedented move to be present at the debate, which underscored her determination that the unelected chamber would not tamper with the government’s bill plans to… Read More >>
Bill Provides Next Rocky Chapter for Brexit
In the latest chapter of the Brexit epic saga, the U.K. government has published a succinct, 137-word bill that will allow England to trigger Article 50. The brevity of the bill along with the five-day window to debate it has sparked angry protests from opposition parties claiming there is not enough time to debate and… Read More >>
U.K. Fund Managers Brace for Rollercoaster Year
While 2016 was full of ups and downs for the fund management industry in the U.K., this year will be equally as challenging, according to EY’s wealth and asset management industry outlook for 2017. Firms will not only have to contend with the uncertainties of Brexit but also the continuing roll call of regulation and… Read More >>
U.K. Prime Minister Outlines Terms of ‘Hard-Brexit’
It is ironic that Theresa May outlined her blueprint for taking the U.K. out of the European Union single market in the same Lancaster Hall that the last female U.K. prime minister and fellow Tory — Margaret Thatcher — extolled the virtues of the single market in 1988. Now the country is heading toward a… Read More >>
Ops Staffs to Heed the Call of Disruption in 2017
(The word “disruption” has been noted by pundits as one of the most over-used in 2016. However, the term still accurately describes the changes underway in securities operations — and across financial services — that shook multiple groups, disciplines and conventional wisdom. To appease linguists and help operations staffs, FTF News in this final installment… Read More >>
Financial Support Drying Up for U.K. Fintech Startups
The U.K. financial technology industry received a boost from Chancellor of the Exchequer Phillip Hammond’s plans to inject £400 million ($504 million) into venture capital funds as well as other measures announced in November’s Autumn Budget Statement. While the support is welcomed by industry participants, some say that it does not go far enough to… Read More >>
Brexit to Spur Exodus of 83,000 Jobs from London
Ever since the shock vote of Brexit in June, the fate of the U.K.’s financial services industry has been one of the hottest topics of discussion. There have been several reports over job losses in different sectors, the latest one being a private study from EY showing that about 83,000 positions could leave the City… Read More >>
U.K. Court to Decide Brexit’s Next Chapter
The U.K. Supreme Court has set December 5 as the day to hear the government’s appeal against the High Court’s landmark ruling that said Prime Minister Theresa May does not have power to start the two-year, Brexit divorce proceedings with the E.U. without the prior authority of Parliament. The hearing is expected to take four… Read More >>
BofE’s Carney Will Stay to Help with Brexit
The British Pound Sterling barely moved on the news that that Governor of the Bank of England (BoE) Mark Carney has decided not to stay for his full eight-year term, but will weather the Brexit storm. The currency is not only mired in the repeated attacks on the central bank’s independence and competency but also… Read More >>
Global Uncertainty Boosts Profits for U.S. Banks
U.S. banks enjoyed a bumper crop of results during the third quarter thanks to volatile conditions in fixed income trading. While some attribute the healthy performance to the so-called Brexit bounce, others point to a wider range of factors behind the better-than-predicted numbers. Analysts had forecast a downbeat earnings season for the U.S. banking sector,… Read More >>
