DOCSLIB.ORG

The Impacts of Brexit on the European Financial Services Ecosystem

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Impacts of Brexit on the European Financial Services Ecosystem THE IMPACTS OF BREXIT ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM INSTITUT THE IMPACTS OF BREXIT 1 ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM EXECUTIVE SUMMARY / KEY MESSAGES TOPICS KEY MESSAGES ◆ Eurogroup Consulting and Institute Louis Bachelier (ILB) have combined to produce a study that focuses on the impacts of Brexit in relation to the European fi nancial services ecosystem. It involves a particular focus on the UK fi nancial services STUDY ecosystem as well as the EU fi nancial centres that could benefi t from the outcome of Brexit. The study encompasses both OVERVIEW qualitative and quantitative work as well as primary and secondary research ◆ The six fi nancial services ecosystem actors surrounding Brexit (Corporate & Investment Banking (CIB), Retail Banking, Asset & Wealth Management, Insurance / Reinsurance, Stock Exchange including Clearing and Other Financial Ecosystem Services including FinTech) have a UK annual revenue of GBP 197bn and 1.05 million FTEs ◆ The latest Brexit developments will cause seven core issues for the UK: • Negative: Macroeconomic impacts – lower growth for the UK, loss of passporting rights/no equivalence, human resources/immigration – harder to attract top talent, fi nancial ecosystem actors with no contingency plan (not Day 1 post-Brexit ready), loss of Euro Clearing • Positive: Less UK regulations and tax could attract business, London’s history and traditions ◆ A � Hard Brexit will cause the whole UK fi nancial ecosystem to decrease by 15-25%, reducing UK revenue to within the MACRO-ECONOMIC range of GBP 170-150bn and FTEs down to 890-790k, although London will continue to be one of the leading fi nancial centres post-Brexit with the amount of relocation dependent on the severity of Brexit. A medium to hard Brexit is predicted currently, but it is very diffi cult to forecast ◆ Of all the European fi nancial centres, Paris, Frankfurt, Dublin and Luxembourg are in the strongest position to benefi t post-Brexit according to the new amended Financial Centre Ranking Index, which includes the embedded hard and soft drivers of Business Environment, Human Capital, Reputation, Infrastructure, Finance Sector Development and Tax ◆ Of the six fi nancial ecosystem actors, theCIB actor will probably be the most impacted due to its international focus. The CIB market will become fragmented, additional capital (up to GBP 40bn) will need to be invested in new EU units (for licensing and operating reasons), and profi tability and ROE will fall with both revenue decreasing and costs rising (around GBP 10-15bn structural costs) due to restructuring and services being duplicated in both new EU entities and London ◆ Among the seven core issues for the UK, the CIB actor has identifi ed the following 2 factors as the most critical for their KEY FINDINGS ongoing operation and what could potentially cause a Hard Brexit: • Loss of passporting rights/no equivalence (UK fi nancial services groups will lose the right to serve EU clients after Brexit) • Loss of Euro Clearing (collateral posted would rise by 40-60%, default fund contributions would increase and banks would hold more equity capital) ◆ There is currently a great deal of uncertainty regarding the outcome of passporting rights and Euro Clearing. EU fi nancial institutions are pushing to relocate Euro Clearing into Continental Europe, and current sentiment appears to be the that the ECB will not allow Euro Clearing to remain in the UK post-Brexit. The European fi nancial services ecosystem will have to monitor the developments of these two topics closely going forward ◆ Many UK, USA and European CIB banks are still developing their own activities in the UK, however dependent on the severity of Brexit there will be relocation of CIB activities outside the UK due to Brexit over time. In a Hard Brexit scenario the CIB market will become a lot more fragmented with a few leading European fi nancial centres (as well as non-European CIB home bases, e.g. New York) benefi tting ◆ In a Hard Brexit, the UK CIB actor will decrease by 20-30% from GBP 44bn UK revenue and 110k FTEs currently to GBP 35-30bn and 90-75k respectively ◆ Quantifying UK CIB Brexit Revenue at Stake (GBP 11bn) induces market share re-distribution, however via potential CORPORATE AND INVESTMENT BANKING remediation the net UK CIB Brexit Revenue at Stake is estimated to be GBP 7bn THE IMPACTS OF BREXIT 21 ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM AGENDA 01 INTRODUCTION 02 BREXIT: IMPACTS ON THE UK (LONDON) 03 EU FINANCIAL CENTRES: BREXIT IMPACTS AND RESPONSE 04 FINANCIAL ECOSYSTEM’S RESPONSE TO BREXIT SCENARIOS 05 APPENDIX THE IMPACTS OF BREXIT THE IMPACTS OF BREXIT 3 ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM INTRODUCTION THE IMPACTS OF BREXIT THE IMPACTS OF BREXIT 45 ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM 01ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM 01. INTRODUCTION THE LATEST BREXIT MACROECONOMIC, FINANCIAL SERVICES AND CIB DEVELOPMENTS FOR THE UK ARE EVER CHANGING FOR THE UK ARE EVER CHANGING FINANCIAL SERVICES AND CIB DEVELOPMENTS BREXITTHE LATEST BREXIT MACROECONOMIC, BREXIT LATEST UK MACROECONOMIC LATEST UK FINANCIAL SERVICES DEVELOPMENTS AND CIB DEVELOPMENTS AS OF SEPTEMBER 2017 AS OF SEPTEMBER 2017 EUROPEAN PARLIAMENT � ◆ London and Brussels have been urged to strike a Brexit ◆ Donald Tusk, the European council president, recently transition deal by Europe’s top fi nancial lobby groups reminded London that article 50 of the Lisbon treaty amid warnings banks will be unprepared for the UK’s had already been triggered and talks would have to secession from the EU be concluded by March 2019 �◆ London remains the world’s Top Financial Centre ◆ Brexit discussions between the EU and UK have according to the GFCI 22 Ranking, announced September progressed slowly so far. Before agreeing to talk 2017 trade, the EU wants “suffi cient progress” to be made �◆ It is forecasted that the UK’s financial services will addressing citizens’ rights, the Irish border and the Brexit experience slower growth over the next two years bill. Both sides had initially aimed for that milestone to be owing to Brexit pressures, but will start to recover by 2020 met in October 2017, however Slovenian Prime Minister ◆ � Private wealth in Western Europe is set to fall behind Miro Cerar states that the “process will defi nitely take the Asia-Pacifi c region for the fi rst time this year, partly more time than we expected” as a result of the political and economic uncertainty ◆ MEPs in Strasbourg approved a resolution setting out unleashed by Brexit MACROECONOMIC the parliament’s red lines in the forthcoming Brexit talks by 516 votes to 133, with 50 abstentions, comfortably FINANCIAL SERVICES exceeding the two-thirds majority sought by parliament leaders to show unity behind their approach � ◆ There are two main impacted areas for CIB: activity ◆ In September 2017, Angela Merkel won a fourth term conducted in London serving clients in the EU (e.g. as German chancellor in a victory that was marred by CIB GBP 1-1.2 trillion bank assets (loans, securities and the hollowing out of support for the two main parties derivatives) and GBP 350-400bn total RWA exposure in Germany and a surge for the populist AfD party in currently booked by UK based banks to EU clients) and a clear rebuke to her open-doors immigration policy EU products traded in London � � ◆ The CIB market will become fragmented geographically BRITISH PARLIAMENT across Europe, with the level of fragmentation ◆ In August 2017, the UK government published the latest dependent on the severity of Brexit in a string of position papers aimed at fl eshing out its � ◆ � It is predicted banks may need to fi nd up toGBP 40bn ambitions for future relations with the EU. This was of additional capital to support new European units further developed in September 2017, when the UK in the aftermath of a hard Brexit government proposed that a 2 year Brexit transition period would be its preference for leaving the EU from � ◆ � Profi tability and ROE will fall with revenue decreasing March 2019 onwards and costs rising (GBP 10-15bn structural costs estimated) due to restructuring and services being ◆ Due to the loss of a majority of the Conservative Party duplicated in both new EU entities and London (e.g. in the House of Commons, Minister Theresa May’s compliance department) Conservatives have signed a confidence deal with Northern Ireland’s Democratic Unionist Party (DUP) that � ◆ � For the main UK, USA and European CIB banks, it is will allow them to form a minority government leading forecasted Frankfurt, Paris and Dublin will be the the UK over the next 5 years biggest winners from CIB relocation ◆ Prime Minister Theresa May promised to listen more � ◆ � However main UK, USA and European CIB banks are closely to businesses’ concerns about the UK leaving still developing their own activities in the UK: the EU as she set out a new Brexit-focused government • Barclays CEO sees no reason for Brexit jobs shifting program, pared-back to refl ect her weakened authority to the EU • Goldman Sachs is building a new 1.1m square foot offi ce and Deutsche Bank is completing a 25-year lease for a new building (both in London) 6 THE IMPACTS OF BREXIT 5 THE IMPACTS OF BREXIT ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM ON THE EUROPEAN FINANCIAL SERVICES ECOSYSTEM 01. INTRODUCTION PASSPORTING RIGHTS ARE SIGNIFICANT WITHIN THE LATEST BREXIT UK & EU FINANCIAL SERVICES DISCUSSIONS & EU FINANCIAL SERVICES DISCUSSIONS WITHIN THE LATEST BREXIT UK BREXITPASSPORTING
Load more

Recommended publications
  • LIBOR Transition Faqs ‘Big Bang’ CCP Switch Over
    RED = Final File Size/Bleed Line BLACK = Page Size/Trim Line MAGENTA = Margin/Safe Art Boundary NOT A PRODUCT OF BARCLAYS RESEARCH LIBOR Transition FAQs ‘Big bang’ CCP switch over 1. When will CCPs switch their rates for discounting 2. €STR Switch Over to new risk-free rates (RFRs)? What is the ‘big bang’ 2a. What are the mechanics for the cash adjustment switch over? exchange? Why is this necessary? As part of global industry efforts around benchmark reform, Each CCP will perform a valuation using EONIA and then run most systemic Central Clearing Counterparties (CCPs) are the same valuation by switching to €STR. The switch to €STR expected to switch Price Aligned Interest (PAI) and discounting discounting will lead to a change in the net present value of EUR on all cleared EUR-denominated products to €STR in July 2020, denominated trades across all CCPs. As a result, a mandatory and for USD-denominated derivatives to SOFR in October 2020. cash compensation mechanism will be used by the CCPs to 1a. €STR switch over: weekend of 25/26 July 2020 counter this change in value so that individual participants will experience almost no ‘net’ changes, implemented through a one As the momentum of benchmark interest rate reform continues off payment. This requirement is due to the fact portfolios are in Europe, while EURIBOR has no clear end date, the publishing switching from EONIA to €STR flat (no spread), however there of EONIA will be discontinued from 3 January 2022. Its is a fixed spread between EONIA and €STR (i.e.
    [Show full text]
  • EU-Parlament: Ausschussvorsitzende Und Deren Stellvertreter*Innen Auf Den Konstituierenden Sitzungen Am Mittwoch, 10
    EU-Parlament: Ausschussvorsitzende und deren Stellvertreter*innen Auf den konstituierenden Sitzungen am Mittwoch, 10. Juli 2019, haben die siebenundzwanzig permanenten Ausschüsse des EU-Parlaments ihre Vorsitzenden und Stellvertreter*innen gewählt. Nachfolgend die Ergebnisse (Reihenfolge analog zur Auflistung auf den Seiten des Europäischen Parlaments): Ausschuss Vorsitzender Stellvertreter Witold Jan WASZCZYKOEDKI (ECR, PL) AFET Urmas PAET (Renew, EE) David McALLISTER (EPP, DE) Auswärtige Angelegenheiten Sergei STANISHEV (S&D, BG) Željana ZOVKO (EPP, HR) Bernard GUETTA (Renew, FR) DROI Hannah NEUMANN (Greens/EFA, DE) Marie ARENA (S&D, BE) Menschenrechte Christian SAGARTZ (EPP, AT) Raphael GLUCKSMANN (S&D, FR) Nikos ANDROULAKIS (S&D, EL) SEDE Kinga GÁL (EPP, HU) Nathalie LOISEAU (RE, FR) Sicherheit und Verteidigung Özlem DEMIREL (GUE/NGL, DE) Lukas MANDL (EPP, AT) Pierrette HERZBERGER-FOFANA (Greens/EFA, DE) DEVE Norbert NEUSER (S&D, DE) Tomas TOBÉ (EPP, SE) Entwicklung Chrysoula ZACHAROPOULOU (RE, FR) Erik MARQUARDT (Greens/EFA, DE) Seite 1 14.01.2021 Jan ZAHRADIL (ECR, CZ) INTA Iuliu WINKLER (EPP, RO) Bernd LANGE (S&D, DE) Internationaler Handel Anna-Michelle ASIMAKOPOULOU (EPP, EL) Marie-Pierre VEDRENNE (RE, FR) Janusz LEWANDOWSKI (EPP, PL) BUDG Oliver CHASTEL (RE, BE) Johan VAN OVERTVELDT (ECR, BE) Haushalt Margarida MARQUES (S&D, PT) Niclas HERBST (EPP, DE) Isabel GARCÍA MUÑOZ (S&D, ES) CONT Caterina CHINNICI (S&D, IT) Monika HOHLMEIER (EPP, DE) Haushaltskontrolle Martina DLABAJOVÁ (RE, CZ) Tamás DEUTSCH (EPP, HU) Luděk NIEDERMAYER
    [Show full text]
  • Euronext Makes Irrevocable Cash Offer to Acquire Lch.Clearnet Sa
    CONTACT - Media: CONTACT - Investor Relations: Amsterdam +31.20.721.4488 Brussels +32.2.620.15.50 +33.1.70.48.24.17 Lisbon +351.210.600.614 Paris +33.1.70.48.24.45 EURONEXT MAKES IRREVOCABLE CASH OFFER TO ACQUIRE LCH.CLEARNET SA Euronext has made an irrevocable all-cash offer to LCH.Clearnet Group Limited (“LCH.Clearnet Group”) and London Stock Exchange Group plc (“LSEG”) to acquire LCH.Clearnet SA (“Clearnet”), in relation to which terms and conditions have been agreed. Clearnet has commenced a period of consultation with its works council during which LSEG and LCH.Clearnet Group have granted exclusivity to Euronext Strategic combination to strengthen Euronext at the heart of the Eurozone capital markets: • Strengthening long-term control of clearing activities for Euronext’s markets, while enhancing our ability to innovate • Improving Euronext’s business diversification (post-trade revenue to represent approximately 30% of Euronext’s pro forma revenue) • Providing substantial growth opportunities in Fixed Income and CDS • Acquisition price of €510m (subject to a closing adjustment and including excess capital1) for 100% of Clearnet • Expected pre-tax operating cost synergies of €13m and additional opportunities for revenue synergies Completion of the contemplated transaction is subject to various conditions including: • Closing of the merger between Deutsche Börse AG (“DB”) and LSEG • Euronext shareholder approval • Customary regulatory and anti-trust approvals and other consents • Completion of the works council consultation process of Clearnet Irrespective of the completion of the contemplated transaction, Euronext remains committed to delivering the best long-term solution for its post-trade activities, in the interests of its clients and shareholders Amsterdam, Brussels, Lisbon, London and Paris – 3 January 2017 – Euronext, the leading pan-European exchange in the Eurozone, has signed a binding offer and been granted exclusivity to acquire 100% of the share capital and voting rights of Clearnet.
    [Show full text]
  • Eurogroup Inclusive Format List of Participants
    EUROGROUP IN INCLUSIVE FORMAT Bruxelles, 5 Novembre 2018 PARTICIPANTS President of Eurogroup Mr Mário CENTENO President Belgium: Mr Johan VAN OVERTVELDT Minister for Finance, with responsibility for the Prevention of Tax Evasion Bulgaria: Ms Marinela PETROVA Deputy Minister for Finance Czech Republic: Ms Alena SCHILLEROVÁ Minister for Finance Denmark: Mr Kristian JENSEN Minister for Finance Germany: Mr Olaf SCHOLZ Federal Minister for Finance Estonia: Mr Toomas TÕNISTE Minister for Finance Ireland: Mr Paschal DONOHOE Minister for Finance and Minister for Public Expenditure and Reform Greece: Mr Efkleidis TSAKALOTOS Minister for Finance Spain: Ms Nadia CALVIÑO SANTAMARÍA Minister for the Economy and Enterprise France: Mr Bruno LE MAIRE Minister for the Economy Croatia: Mr Zdravko MARIĆ Minister for Finance Italy: Mr Giovanni TRIA Minister of Economy and Finances Cyprus: Mr Harris GEORGIADES Minister for Finance Latvia: Ms Baiba BĀNE State Secretary, Ministry of Finance Lithuania: Mr Vilius ŠAPOKA Minister for Finance Luxembourg: Mr Pierre GRAMEGNA Minister for Finance Hungary: Mr Mihály VARGA Deputy Prime Minister and Minister for Finance Malta: Mr Edward SCICLUNA Minister for Finance Netherlands: Mr Wopke HOEKSTRA Minister for Finance Austria: Mr Hartwig LÖGER Federal Minister for Finance Poland: Ms Teresa CZERWIŃSKA Minister for Finance Portugal: Mr Ricardo MOURINHO FÉLIX Deputy Minister for Finance Romania: Mr Eugen Orlando TEODOROVICI Minister for Public Finance Slovenia: Mr Andrej BERTONCELJ Vice Prime Minister and Minister for Finance Slovakia: Mr Peter KAŽIMÍR Minister for Finance Finland: Mr Petteri ORPO Minister for Finance Sweden: Ms Magdalena ANDERSSON Minister for Finance Commission: Mr Valdis DOMBROVSKIS Vice President Mr Pierre MOSCOVICI Member Other participants: Mr Mario DRAGHI President of the European Central Bank .
    [Show full text]
  • European Parliament Elections 2019 - Forecast
    Briefing May 2019 European Parliament Elections 2019 - Forecast Austria – 18 MEPs Staff lead: Nick Dornheim PARTIES (EP group) Freedom Party of Austria The Greens – The Green Austrian People’s Party (ÖVP) (EPP) Social Democratic Party of Austria NEOS – The New (FPÖ) (Salvini’s Alliance) – Alternative (Greens/EFA) – 6 seats (SPÖ) (S&D) - 5 seats Austria (ALDE) 1 seat 5 seats 1 seat 1. Othmar Karas* Andreas Schieder Harald Vilimsky* Werner Kogler Claudia Gamon 2. Karoline Edtstadler Evelyn Regner* Georg Mayer* Sarah Wiener Karin Feldinger 3. Angelika Winzig Günther Sidl Petra Steger Monika Vana* Stefan Windberger 4. Simone Schmiedtbauer Bettina Vollath Roman Haider Thomas Waitz* Stefan Zotti 5. Lukas Mandl* Hannes Heide Vesna Schuster Olga Voglauer Nini Tsiklauri 6. Wolfram Pirchner Julia Elisabeth Herr Elisabeth Dieringer-Granza Thomas Schobesberger Johannes Margreiter 7. Christian Sagartz Christian Alexander Dax Josef Graf Teresa Reiter 8. Barbara Thaler Stefanie Mösl Maximilian Kurz Isak Schneider 9. Christian Zoll Luca Peter Marco Kaiser Andrea Kerbleder Peter Berry 10. Claudia Wolf-Schöffmann Theresa Muigg Karin Berger Julia Reichenhauser NB 1: Only the parties reaching the 4% electoral threshold are mentioned in the table. Likely to be elected Unlikely to be elected or *: Incumbent Member of the NB 2: 18 seats are allocated to Austria, same as in the previous election. and/or take seat to take seat, if elected European Parliament ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• www.eurocommerce.eu Belgium – 21 MEPs Staff lead: Stefania Moise PARTIES (EP group) DUTCH SPEAKING CONSITUENCY FRENCH SPEAKING CONSITUENCY GERMAN SPEAKING CONSTITUENCY 1. Geert Bourgeois 1. Paul Magnette 1. Pascal Arimont* 2. Assita Kanko 2. Maria Arena* 2.
    [Show full text]
  • Clearing House Procedures Clearing Member and Dealer Status 1
    Clearing House Procedures Clearing Member and Dealer Status SECTION 1 CONTENTS 1.1 APPLICATION PROCEDURE ................................................................ 2 1.2 CRITERIA FOR CLEARING MEMBER STATUS .................................... 4 1.3 DEALER STATUS CRITERIA ................................................................. 9 1.4 EQUITYCLEAR NON-CLEARING MEMBER STATUS ......................... 11 1.5 TURQUOISE DERIVATIVES NON-CLEARING MEMBER STATUS .... 12 1.6 PARTICIPATION IN CROSS-MARGINING AGREEMENTS ................. 12 1.7 EXTENSION OF CLEARING ACTIVITIES............................................ 12 1.8 TERMINATION OF CLEARING MEMBER STATUS ............................ 14 1.9 NET CAPITAL REQUIREMENTS ......................................................... 14 1.10 CALCULATION OF NET CAPITAL ....................................................... 18 1.11 FINANCIAL REPORTING ..................................................................... 19 1.12 ADDITIONAL REQUIREMENTS .......................................................... 21 1.13 OTHER CONDITIONS.......................................................................... 21 LCH.Clearnet Limited © 2012 1 MarchApril 2012 Clearing House Procedures Clearing Member and Dealer Status 1. CLEARING MEMBER, DEALER, EQUITYCLEAR AND TURQUOISE DERIVATIVES NCMs (NON-CLEARING MEMBERS) 1.1 APPLICATION PROCEDURE An application for Clearing Member status of the Clearing House, or for Dealer status (whether as a ForexClear Dealer, RepoClear Dealer or SwapClear Dealer, each
    [Show full text]
  • London Stock Exchange Group Response to CCP Resolution Guidance Consultation 2017
    London Stock Exchange Group Response to the Financial Stability Board Consultative Document on “Guidance on Central Counterparty Resolution and Resolution Planning” Introduction LSEG operates today multiple clearing houses. It has majority ownership of the multi-asset global CCP operator, LCH Group (“LCH”). LCH has legal subsidiaries in the UK (LCH Ltd), France (LCH S.A.), and the US (LCH LLC). It is a leading multi-asset class and international clearing house, serving major international exchanges and platforms as well as a range of OTC markets. It clears a broad range of asset classes, including: securities, exchange-traded derivatives, commodities, energy, freight, foreign exchange derivatives, interest rate swaps, credit default swaps and euro, sterling and US dollar denominated bonds and repos. In addition, LSEG operates Cassa di Compensazione e Garanzia S.p.A. ("CC&G"), the Italian clearing house, providing clearing services for a range of European securities as well as exchange traded equity and commodities derivatives. The Group also includes Monte Titoli, a CSD successfully migrated in Target 2 – Securities settlement platform; and globeSettle, the Group’s CSD based in Luxembourg. In this context, LSEG welcomes the opportunity to respond to the Financial Stability Board (“FSB”) Consultative Document on “Guidance on Central Counterparty Resolution and Resolution Planning”. *** 1 Part A. General Remarks While defining the recovery and resolution framework for CCPs, two key objectives should be pursued: (i) preserve the incentives for clearing members to maintain high CCP resilience standards and to actively participate in recovery and (ii) ensure that the recovery and resolution processes are transparent and predictable on order to maximise the chance of success.
    [Show full text]
  • Cameras Corner Crooks
    Trans·vestite in pr stitution arrest I Community Newspaper Company allstonbrightontab.com Vol. 10, No. 44 44 Pages • 3 Sections 75¢ R EETMI CAUGHT Cameras corner crooks By Meghann Ackerman an accomplice allegedly held up STAFF WRITER the Market Street Gulf station, hanks to video surveil­ 195 North Beacon St., at knife lance and cooperating wit­ point and fled with about $100. Tnesses, police have arrest­ Working with a witness, police ed three suspects in three said they were able to identify different crimes committed Coleman as a suspect. around Allston and Brighton. Using video surveillance tape A warrant for the arrest of from Brooks Pharmacy, 181 Robert P. Coleman, 27, of 84A Brighton Ave., police were able Dunstable St., Charlestown, was to recover an image of an armed sought for his alleged involve­ robber who took two shopping ment in a robbery on Feb. 16. Ac­ bags of money and, according to STAFF PHOTO 8Y DAVID GORDON cording to police, Coleman and CAMERA, 4 Colleen DeRosa, 6, front, In green, a~d hoards of other children from the Our Lady of the Presentatlo School, release balloons during page their vlg11 on Friday. It was the one-year annlvers ry of the kids belni;; locked out of the school by the rchdlocese. The Presentation School Foundation has been trying t, buy the cloMKI bulldlng from ie archdiocese, but has encount red repeated roadblocks. Presentation ralli Fake cop school d ~al near guzzles vodka By Meghann Ackerman datJ n held three day told !he .crowd, gathered under a STAFF WRITER om· year anni\ ersaf) of students being tent to ape the impending ram, that they Drives-through Allston in MBTA cruiser Neither snow nor rain nor heat nor gloom loded out of OLP and to Jebrate 1t:> unity.
    [Show full text]
  • LCH Limited CPMI – IOSCO Self-Assessment 2020
    LCH Limited CPMI – IOSCO Self-Assessment 2020 Assessor In 2020, LCH Limited (LCH) performed a self-assessment of its observance with the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMIs). Objective of the assessment LCH’s self-assessment was undertaken in accordance with the PFMIs of April 2012, and supplementary guidance published thereafter, in order to demonstrate compliance with them. Scope of the assessment This self-assessment was made against all PFMIs and supplementary guidance published thereafter which apply to CCPs and covers all the clearing services of LCH. Methodology of the assessment LCH followed the disclosure framework and applied the assessment methodology recommended by CPMI-IOSCO. Source of information in the assessment In making this assessment, LCH used a combination of public and non-public information, including LCH’s policies, procedures and management information. This was also supplemented with discussions with LCH staff responsible for critical activities of the central counterparty. Date of assessment LCH’s assessment was made using data available as of 31st March 2020. 1 Contents 1 Executive Summary .................................................................................................................................. 3 2 Overview of LCH ...................................................................................................................................... 4 3 Detailed assessment report .....................................................................................................................
    [Show full text]
  • Dear President of the European Parliament, Dear President of The
    Dear President of the European Parliament, Dear President of the European Council, Dear President of the European Commission and Dear President of the French Republic, We all have a responsibility for the shared future of Europe. In this time of crisis, it is high time to re-evaluate some of the rules we have upheld till now and focus on the most important aspects of the European project, which will help us move forward. An unprecedented health crisis is currently affecting millions of people in Europe and tragically taking thousands of lives. However, this is not the end. The economic crisis will crush the hopes and dreams of generations of Europeans. We sincerely hope that we will all do whatever is in our power not to leave anyone behind. We firmly believe that the European Parliament needs to take on its responsibility and share the burden since it is the highest European directly elected body. We need to be part of the solution, not part of the problem. If we want the people to have confidence and trust in the European project, we need to show them that we are also ready to make concessions. Therefore, we would like to ask you to do everything in your power to change the treaties in order to have just a single seat of the Parliament in Brussels. This call has again gained a large majority of support in the 2018 Parliament discharge resolution adopted on 13 May 2020 and shall now be taken into account and acted upon. The financial and environmental costs of moving the Parliament are, especially in these times of digitally connected Europe, extremely high and hard to justify.
    [Show full text]
  • ELITE Welcomes 20 New UK Companies
    Press Release 08 November 2017 ELITE welcomes 20 new UK companies Brings total number of UK ELITE businesses to over 120 ELITE UK CEOs from across the country open London trading More than 660 international companies from across 25 countries make up growing ELITE community London Stock Exchange Group (LSEG) today welcomes 20 new UK companies to its unique business support and capital raising programme, ELITE. This brings the total number of UK companies in the ELITE community to over 120, which includes companies such as online investment management service provider, Nutmeg, British furniture brand, Swoon Editions, and developers of affordable credit card sized computers, Raspberry Pi. Robert Barnes, Global Head of Primary Markets and CEO Turquoise, LSEG, welcomed the new ELITE CEO’s and Kirsty Blackman MP, Aberdeen North and SNP Westminster Deputy Leader and Economy Spokesperson to open trading on London’s markets this morning. Joining the new ELITE cohort are 20 businesses from across the UK, from Oxford to Brighton, including three companies from Aberdeen. Businesses come from across a wide range sectors, from pharmaceuticals to software technology and music. Companies include Northumberland based, Tharsus, a robotics firm that designs the robots used by grocery delivery firm Ocado, life science business, Adaptix, specialised in medical imaging, and state51 Music Group, the first company from the creative music industry to join ELITE. Today the new UK ELITE group brings the total number of businesses in the community to over 660, from across 25 countries and 35 sectors, generating over £45 billion in combined revenues and accounting for over 180,000 jobs across Europe and beyond.
    [Show full text]
  • A Look at the New European Parliament Page 1 INTERNATIONAL TRADE COMMITTEE (INTA)
    THE NEW EUROPEAN PARLIAMENT KEY COMMITTEE COMPOSITION 31 JULY 2019 INTRODUCTION After several marathon sessions, the European Council agreed on the line-up for the EU “top jobs” on 2 July 2019. The deal, which notably saw German Defence Minister Ursula von der Leyen (CDU, EPP) surprisingly designated as the next European Commission (EC) President, meant that the European Parliament (EP) could proceed with the election of its own leadership on 3 July. The EPP and Renew Europe (formerly ALDE) groups, in line with the agreement, did not present candidates for the EP President. As such, the vote pitted the S&D’s David-Maria Sassoli (IT) against two former Spitzenkandidaten – Ska Keller (DE) of the Greens and Jan Zahradil (CZ) of the ACRE/ECR, alongside placeholder candidate Sira Rego (ES) of GUE. Sassoli was elected President for the first half of the 2019 – 2024 mandate, while the EPP (presumably EPP Spitzenkandidat Manfred Weber) would take the reins from January 2022. The vote was largely seen as a formality and a demonstration of the three largest Groups’ capacity to govern. However, Zahradil received almost 100 votes (more than the total votes of the ECR group), and Keller received almost twice as many votes as there are Greens/EFA MEPs. This forced a second round in which Sassoli was narrowly elected with just 11 more than the necessary simple majority. Close to 12% of MEPs did not cast a ballot. MEPs also elected 14 Vice-Presidents (VPs): Mairead McGuinness (EPP, IE), Pedro Silva Pereira (S&D, PT), Rainer Wieland (EPP, DE), Katarina Barley (S&D, DE), Othmar Karas (EPP, AT), Ewa Kopacz (EPP, PL), Klara Dobrev (S&D, HU), Dita Charanzová (RE, CZ), Nicola Beer (RE, DE), Lívia Járóka (EPP, HU) and Heidi Hautala (Greens/EFA, FI) were elected in the first ballot, while Marcel Kolaja (Greens/EFA, CZ), Dimitrios Papadimoulis (GUE/NGL, EL) and Fabio Massimo Castaldo (NI, IT) needed the second round.
    [Show full text]