This page contains a Flash digital edition of a book.
The Analysis News & Opinions


Caution for further steps ahead of Brexit


The UK lending industry has warned that there is still more work to be done after the EU’s securities and markets regulator took a major step to recognise UK agencies, in a move that it hopes will avoid disruption to the lending industry in the event of a no-deal Brexit. The European Securities and Markets


Authority (ESMA) announced that, in the event of a no-deal Brexit, three central counterparties (CCP) established in the UK – LCH, ICE Clear Europe, and LME Clear – will be recognised to provide their services in the EU. ESMA has adoped these recognition


decisions in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU. ESMA had previously communicated that


its board of supervisors supports continued access to UK CCPs. Having assessed the applications and the information submitted by the three CCPs, and consulted the relevant authorities in accordance with EMIR, ESMA considers that the conditions for recognition under Article 25 of EMIR are met by the three CCPs in case of a on a no-deal Brexit. Therefore, it has adopted decisions to


recognise the three CCPs as third-country CCPs under EMIR. The recognition decisions would take


effect on the date following the date of Brexit, under a no-deal Brexit scenario. ESMA has previously communicated


that its board of supervisors also supports continued access to the UK CSD. That recognition process is still on-going, the results of which will be published as soon as the process is finalised.


Opinion


Financial firms face talent crisis ahead of Brexit


The lack of productivity growth has been the biggest source of weakness in the economy in the decade since the financial crisis. According to the Bank of England, the finance sector is the biggest contributor to the country’s productivity slowdown. Since 2009, productivity has shrunk by 2.1% per year. In total, 61% of banks reported a moderate


to severe skills shortage in 2017, claiming it is seriously impacting productivity, innovation, and profit. With fears over Brexit hitting business productivity, almost half (49%) of financial-services firms are concerned about finding the necessary talents and skills when recruiting. Yet they are not taking the steps needed to attract talent. Our research reveals 94% of employees


However, Conor Lawlor, director of


Brexit and international policy at UK Finance, said: “Today’s decision from ESMA is a positive step forward in mitigating some of the disruption a ‘no deal’ Brexit would pose to UK-based clearing houses and the EU-based firms that rely on them. But this is far from being a silver bullet and significant risks remain, including on the continuity of cross-border contracts that have yet to be addressed through EU Commission or EU member- state actions. “It is vital that UK politicians, from all


parties, work together to agree a way forward and to avoid a deeply damaging no-deal scenario. “Further action by EU regulators is also


urgently needed to tackle critical cliff-edge issues and provide certainty to firms and their customers on both sides of the Channel.”


Become Revolutionary at www.CCRMagazine.com. March 2019 www.CCRMagazine.com


in financial services find it important to be able to choose the hours they work and where from. Yet, just over a third (36%) of employees in financial services work for firms that offer flexible working for everyone. Of those firms that do allow it, more than a fifth (22%) of employees said it is not available to all employees – only those of a certain level of seniority. The finance sector has been held back


from adopting flexible working practices due to, in part, its strict compliance requirements. However, firms will continue to miss out on significant benefits by not allowing employees to work in their preferred style. Almost three-fifths (59%) of workers would turn down a job opportunity that did not allow flexible working. In addition to helping to attract new


talent, almost half of employees say that flexible working enables them to be more productive (48%). When considering employee wellbeing, almost three-fifths (59%) of employees believe working flexibly improves their work-life balance, and almost half (47%) say it makes them happier.


Steve Haworth Chief executive, TeleWare


7


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52