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FINANCIAL CENTRE REPORT 2017 Building Bridges 2 Financial Centre Report 2017 3 FINANCIAL CENTRE REPORT 2017 Building Bridges 2 Financial Centre Report 2017 3 Dear Readers, Just a few months ago, the federal state of Hessen celebrated its 70th anniversary. In the course of these seven decades, Frankfurt am Main has gradually become the most important financial centre in 1585FRANKFURT STOCK continental Europe. Frankfurt is where the European Central Bank (ECB), the European Insurance and Occupational Pensions Authority (EIOPA), the Deutsche Bundesbank, the Federal Financial Supervi- sory Authority (BaFin) and the Federal Agency for Financial Market Stabilisation (FMSA) are all based, EXCHANGE FOUNDED making it a centre of supervision and regulation for the whole of the EU. Even during the financial crisis, Frankfurt fared better than other financial hubs and perhaps even grew stronger compared to its rivals. Nonetheless, like the financial industry as a whole, Frankfurt now faces a plethora of challenges. I would like to take this opportunity to home in on two of these, the first being digitisation. The rapid advance- ment of digitisation is forcing not only the financial sector to redesign its processes at ever-decreasing intervals and to fundamentally overhaul its business processes or indeed business models. Frankfurt as a financial centre has to seize this challenge as an opportunity, and the creation of TechQuartier sent out a strong signal that it is doing precisely that. The aim of TechQuartier is to serve as the central platform for the development of a fintech ecosystem, with the financial community, related technology fields and local academic institutions coming together to put Frankfurt on the global map in this emergent sector. 2017 The fact that the federal government has named Frankfurt one of five digital hubs can be marked up as the initiative’s first success and is a valuable boost for us. FOCUS ON The second key issue is, of course, the UK’s decision to exit the EU, which will undoubtedly lead to a reshuffle in Europe’s financial structure. This was not a decision that the Hessen state government wan- ted, but as it has now been made, what matters now is that here, too, we focus on the opportunities this offers Frankfurt as a financial hub. Many international financial service companies that had until now been handling their European business out of London will now have to look for bases within the EU. EUROPE The European Banking Authority (EBA) will likewise need to relocate. Frankfurt is competing with other financial hubs in this respect, and the key to this competition is Frankfurt having a clearly audible voice as a financial centre. Frankfurt Main Finance is this voice, and this yearbook demonstrates that it is backed up by sufficient substance to confidently rise to the chal- lenges and changes. I hope you find reading this yearbook interesting and informative. Best regards, Tarek Al-Wazir Hessian Minister of Economics, Energy, Transport and Regional Development Building Bridges 4 Financial Centre Report 2017 5 CONTENT Preface 3 4 Editorial Frankfurt after Brexit 6 Building Bridges 16 Science and Education Dear Readers, International, Interdisciplinary, Attractive Fintech 22 Tough Business, not Party 27 History The UK’s decision to leave the EU shocked more than just the world of finance. It was also a sign that The Spirit of the Free City Europe and the world are facing some challenging times. Not least the political developments seen else- An Expat's View 32 where since the Brexit decision demonstrate just how serious the situation is. And we don’t even have “We love the Mentality here” to look across the Atlantic – a look at France or the Netherlands or consideration of Poland or Hungary is more than enough for us to see that the idea of Europe hasn’t been in such a precarious state for a 36 Infographic long time. Focus on European Financial Centres Interview with Dr Gertrud Traud 40 It would therefore be totally inappropriate to indulge in short-sighted excitement about what oppor- “Frankfurt needs to be more confident” tunities Brexit and the possible resultant relocation of financial activities to the continent might offer Frankfurt and other cities. It is far more important that Europe be rethought and given new meaning in 48 The German Economy and Brexit the light of these developments. And as a main financial centre in Europe’s biggest economy, Frankfurt Still Strong, Despite All Challenges has a special role to play here. Regulation and Supervision 53 The Proximity Principle This Financial Centre Report, which continues the series of Frankfurt Main Finance Yearbooks, intends to shine a light on this role: how will Europe stay strong in the face of global competition? What 56 Property Markets role will Frankfurt assume in this network? What strengths do Frankfurt and Germany as a whole bring Frankfurt Will Benefit From Brexit – But How Much? to the table? How can a financial bridge be built to London post-Brexit (and, of course, to other cities Asset Management 64 in Europe)? Longevity Brings Opportunity Our authors consider these and other questions from various perspectives. In the first part of the pub- 67 The German Banking Industry lication, they endeavour to capture as many as possible of the facets of (financial) life in “Mainhattan”, Strong Economies Need Strong Banks while in the second part, representatives of our members get to the bottom of this topic in their own Fintech in the Rhine-Main-Neckar Region 72 detailed articles. Partnership Replaces Rivalry I hope you enjoy reading this report and the insights it gives. 78 Harmonisation of Covered Bonds An Important Step Towards Long-Term Preferential Treatment Higher Education 81 Promoting Hessen as a Place of Academia and Business Yours, 86 Imprint Dr Lutz Raettig Chairman of the Executive Committee, Frankfurt Main Finance Building Bridges 6 Financial Centre Report 2017 7 FRANKFURT AFTER BREXIT BUILDING BRIDGES The UK’s “no” to the European Union came as a shock to Europe. Brexit threatens to be a heavy blow for the EU concept – and for London’s finance MY FAVOURITE sector too. With no passport to the EU, financial institutions there will have PLACE – SPOTS TO to look around for alternatives. Hessen is getting ready for its new role as FALL IN LOVE WITH London’s partner in the EU. Let’s take a stroll around Rhine-Main. “Love is a place” is the You could sense the uncertainty – title of a poem by “nobody knew what would happen next. Thursday, 11.30 a.m.: Architects and lawyers, graphic designers and PR E.E. Cummings. But people, bankers and investment managers mingle at the “Kaisermarkt” which places do people Gisela Paul market in the heart of Frankfurt. A long queue has formed in front of love in Frankfurt and the Gisela Paul’s stall. Together with her business partner Tina Bergmann, Rhine-Main region? Paul, a native of Frankfurt, sets up shop here twice a week to sell a local We asked bankers, speciality: “Frankfurter Grüne Soße” or green sauce. The original recipe politicians and other consists of precisely seven herbs. Her clientele is diverse, multifaceted experts. And we got and international, says Paul: “Few of them are true Frankfurters – I can interesting answers tell straight away.” And occasionally she sees a bank director, she says; which are presented on Gisela Paul sells Frankfurt’s green sauce. She doesn’t the banking towers that soar into the sky in the background are just a the next few pages. question the Brits’ love of the Frankfurt national dish. couple of hundred metres from here. Building Bridges 8 Financial Centre Report 2017 9 MY FAVOURITE PLACE: MY FAVOURITE PLACE: OPERNPLATZ SCHAUSPIEL THEATER Robert Restani, CEO, Dr Johannes Reich, personally Frankfurter Sparkasse liable partner of B. Metzler seel. Sohn & Co. KGaA “Bustling city life, nature and, of course, the high culture “Theatre condenses, visualises, on offer at the important Alte interprets and abstracts social Oper opera house just a stone’s processes and issues. The throw from the key financial audience is called upon to institutions. Opernplatz brings rethink the issues, to question all the most endearing Frankfurt them and to expand their own attributes together in a vantage point to include new very small space.” views and perspectives. Theatre High quality of life thanks to multiple helps us tear down existing green spaces. Grüneburgpark is just internal barriers – a process one of a total of 40 parks in the greater MY FAVOURITE PLACE: Frankfurt area. that is becoming ever more LOHRBERG important in the current political and social environment.” There are now groups of people around the poseur tables dotted It therefore comes as no surprise that the city is heavily plugging itself among the numerous food stalls, all engaged in animated conversation. as a place of refuge for those looking to flee London. Just a day after the “The market is life,” says Paul. “This is where people communicate and UK’s “no” to the EU, a website had been set up together with a hotline exchange ideas.” Last June’s Brexit decision was a major topic at the for frustrated British bankers. And Hessen’s Minister of Economics Tarek market, with many discussions being held in the queues and at the tables Al-Wazir travelled to London with a delegation in order to forge ties in the days following the referendum, Paul relates. “People can be more and showcase Frankfurt as a continental European partner. According to frank here,” the market woman says. “Including about business. That’s Al-Wazir, the Rhine-Main region’s winning arguments include its good something they can’t do in the company canteen.” But the mood and digital infrastructure, its ease of accessibility, its closeness to the European situation weren’t clear, Paul says, thinking back, “You could sense the Central Bank (ECB) and a high quality of life.
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