City Week 2017 – The International Financial Services Forum

City Week 2017 – The International Financial Services Forum

Mr. chairman my dog mayor your excellencies sharers distinguished guests my lords ladies and gentlemen i would like to wish you a very warm welcome to this the seventh annual city beat the desire to continue trading with the uk has not diminished just this month in fact the chinese ambassador to the uk you drumming spoke at the mansion house his message was clear

When he said the financial center in new york is a street the financial center in frankfort is a district but here in london you have a city what brings me to this conference is i think we’re at a very important historical moment facing a lot of uncertainties in a lot of clarification and my purpose of attending the conference is really trying to provide a big

Picture and trying to provide a global view highlight opportunities as well as challenges they are spectre city week i find most interesting the fact that you get people from all types of different sectors listening in but with a strong focus on financial services and that connectivity between what’s happening in the bigger world and what’s happening in the city

Of london i think it’s great so we actually have very much an outlook on the broader world and global issues and not just focus on the stuff that we’re doing in our day to day life we did have a good start to the day and we have covered a lot of different areas of the city the panelists i think all had something quite innovative in what they were saying and you’re

Not just looking to sustain all the things that you might be reading about in the newspaper today but actually like thinking as our as our thoughts and falls what i liked about the city week program was that there was a lot of discussion ambassador of macroeconomic trends so conversations about brexit but also conversations about other influences like in tech

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Technology regulatory policy and other things which it just covers the full spectrum and is hugely relevant than for anybody who’s working in financial services minimum standards served to level the international playing field and to promote global stability minimum standards are not agreed and implemented there’s a risk that jurisdictions will engage in a race

To the bottom in terms of regulatory standards or there’ll be less reliance on global rules leading to fragmentation both outcomes create inefficiencies complexity and risks and are therefore undesirable both banks and the regulator’s perspective i do think though that with the geopolitical events that we’ve heard enough about i guess already today i think are

Bringing new momentum though to this argument and i suspect we’ll see some further discussions on this because i don’t see how the world moves forward without at least bilateral agreements it just it just won’t work well i was speaking on the session that was about equivalence and so obviously that an important ingredient in the relationship that the uk going to

Have with the eu in the future but it was more than just equivalent in that context it was also well can it be part of an international agreement on how we recognize one another’s rules and how the international organizations doing so quite a rich wide-ranging discussion we’re not detecting any great flood we are seeing people make contingency arrangements that

They can continue to operate and yes that means making arrangements if they need to move a few thousand jobs but at the moment we’re not detecting a big lot of people away from london every member firm here is in one way or another involved in their own contingency planning and what all of us are looking at in our contingency planning is what we do how we do it

Where we do it who we do it with and who within our own firms is doing it so it would damage london and it would damage europe if europe didn’t have the same access to london and there is a you know there is a dire scenario you can paint the so-called jenga tower where bits move and in the whole infrastructure and echo system starts to move but as its kind of

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Saying there’s no single center in europe that is likely to emerge as being able to take the place of london if more functions by the banks that support our business moved to europe we would have to face off those those jobs in europe but it would be a handful of jobs rather than rather than any more than that we you always had and i suggest we’ll continue to

Find a way around legal issues and i say this both positively and negatively existing eu law and trade agreements should not also be seen as the only way of constructing a template for the future eu 27 and uk relationship going forward the whole thing is all about just giving people the opportunity of talking and engaging with each other so often in this world

We communicate without listening we project we don’t receive so i think the great thing about this is you can’t avoid being around here and having to listen to people and to us home to what they say it’s that immediacy it’s that dialogue is that conversation which really matters it city week brings the whole of the city’s interests together here at one time and

Of course the city isn’t just about london it is the most vibrant financial centre in the world and so looking at what the city is doing how its doing it has enormous importance globally as well as domestically here in the united kingdom i think the most useful thing for me coming here at city week has been the opportunity to talk with a breath a wide breadth

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Of people from all sorts of firms that i wouldn’t normally have the chance to meet and talk with across the whole of the city of london lawyers smaller banks asset managers as well as the big firms big banks and their other managers and corporations that i do deal with on a day to day basis city uk did a survey of city businesses last year and some of the results

Of that i thought were quite stark 70% of the businesses they surveyed hadn’t got cyber in their top 10 risks in there is big manufacturer but much more and while the government is trying to sort of encourage manufacturing in a big way because we are likely a services economy i think the opportunities for deal with the uk are very bright particularly since

This political will on both sides and businesses know each other very well oscar witter once said a pessimist is somebody who complains about the noise when opportunity knocks the china opportunities are knocking china britain has a huge untapped potential and abroad prospects for financial cooperation well this is really one of the most important events in

The city calendar it’s a great intellectual forum a gathering of people from around the world around the city across the united kingdom to talk about what is in fact britain’s most successful industry the financial services industry i thought there were a number of very interesting panel discussions i’m pleased to see a number of representatives of you know q

Trading partners to the uk comes the talk about their and gave their hopes and expectations regard to what they will be able to carve with the uk in the future yes what what i gained from city week was a lot of knowledge about authorities and knowledge about a lot of issues that i think are pretty serious for the uk at man

Transcribed from video
City Week 2017 – The International Financial Services Forum By City \u0026 Financial Conferences