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Report: A transition to Brexit - deal or no deal?

The main benefit of a transition period is that it would reduce the risk of a ‘cliff-edge’ Brexit and buy more time for the UK and EU to negotiate a better long-term deal, but we think it is unlikely that any agreement can be reached early enough to prevent firms relocating significant numbers of staff.  The good news is that an agreement on a transition period would be possible later next year – but only if the UK government changes direction in its negotiation strategy, and soon.

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Report: Diversity from an Investor’s Perspective

Diversity is firmly on the corporate agenda, but New Financial’s latest report  looks for the first time at what asset owners (such as pension funds, insurers and sovereign wealth funds) are doing on the diversity front. We analysed 100 asset owners globally with combined assets of $8 trillion to find out why and how they are approaching diversity – and how this affects asset managers.

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Report: a decade of change in capital markets

The shadow of the financial crisis has dominated the banking and finance industry for nearly a decade. This report measures the concrete impact of the crisis on 16 sectors of the capital markets industry – from investment banks and asset managers, to exchanges, trading volumes and regulation – and highlights which sectors have suffered, which have weathered the storm, and which have flourished.

 

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CMU 2.0 - what next for capital markets union?

Capital markets union, the EU’s flagship initiative to boost capital markets in Europe and reduce the economy’s reliance on bank lending is three years old. This report analyses the progress so far, the impact of Brexit, and the shift in direction in CMU 2.0, (the revised version of the project that was published in July) – and suggests some more radical longer-term measures to build bigger and better capital markets in Europe.

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Publications

HM Treasury Women in Finance Charter: Signatories Survey 2017

July 2017 • Driving diversityby Yasmine Chinwala

HM Treasury’s Women in Finance Charter launched in March 2016 and now has more than 140 signatories. Our latest report is based on a survey of more than 80 firms that have signed up and assesses the concrete impact of the Charter is having on how they approach diversity, the benefits they are experiencing - and the challenges they face in meeting their Charter commitments.

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New Financial is hiring: Events & Marketing Manager

November 2017 • by New Financial

New Financial is an ambitious and growing capital markets think tank founded in 2014 to make the positive case for bigger and better capital markets. We are currently hiring an Events and Marketing Manager to help run our busy programme of around 30 private events and 12 research reports a year.

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‘What the rest of the EU thinks about Brexit & The City of London’

April 2017 • Brexitby Panagiotis Asimakopoulos & William Wright

Much of the debate around the impact of Brexit on the City of London and the financial services industry across Europe has been UK-centric. So we’ve read, sifted and summarised hundreds of speeches, articles and reports to identify what the rest of the EU really think about it. This report summarises the main priorities, concerns and negotiating positions of policymakers and regulators in each of the 27 member states who will be  on the other side of the negotiating table from the UK over the next few years – and sums up what’s at stake.

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Brexit & the City: missing the bigger picture on jobs

September 2017 • Brexitby William Wright

Brexit could have a significant impact on recruitment and jobs in the City of London – not least by highlighting structural challenges that will have a far bigger impact on the industry in the longer-term Another week, another set of numbers that send completely contradictory messages about the impact of Brexit on the City of […]

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Counting Every Woman 2017: making progress on gender diversity in the capital markets

June 2017 • Driving diversityby Yasmine Chinwala

The debate around gender diversity at the most senior levels in the corporate world has shot up the agenda in recent years – but for all the talk, how much progress has been made in the financial services sector? New Financial’s latest research on female representation on boards and executive committees across European capital markets shows a significant improvement in female representation on boards and excos – and the numbers are heading in the right direction across the industry.

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Report on ‘What have the capital markets ever done for us? And how could they do it better?’

March 2017 • Unlocking capital marketsby William Wright

To people who work in and around the financial industry it is self-evident that capital markets play a vital role in channelling investment into the economy to help drive growth and prosperity. But to most people outside of the industry, what capital markets do and the value of what they provide is less obvious, particularly given the shadow of the financial crisis. This report aims to address that disconnect.

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Everything you ever wanted to know about Brexit – but didn’t have time to read

January 2017 • Brexitby Panagiotis Asimakopoulos

There are few issues more challenging for the City of London and the financial services industry than the impact of Brexit. Yet there are few things less enticing than the prospect of reading the many dozens of often dense reports that have been written on the subject. We’ve read, translated and summarised nearly 50 reports on the implications of Brexit, so that you don’t have to. We’ve tried to boil down the essentials of each report, strip out the jargon and legalese, and cut back on the repetition and context.

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Report on ‘Leading the way: the HM Treasury Women in Finance Charter’

December 2016 • Driving diversityby Yasmine Chinwala

The HM Treasury Women in Finance Charter, launched in March this year, is a call to action for better gender diversity in financial services. New Financial’s latest report, produced in collaboration with HM Treasury, analyses the submissions from the first wave of Charter signatories to establish the starting point for levels of women in senior management today, the targets signatories are aiming for – and how they plan to achieve them.

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Brexit and the City: a 10-point reality check

February 2017 • Brexitby William Wright

The problem with chasing your tail is that you can lose sight of where you are heading without getting any closer to where you want to be.  Over the past six months much of the City of London and financial services industry in the UK has been locked in an often circular argument about the potential impact of Brexit on their business and how to adapt to it. Here is a short 10-point reality check on the impact of Brexit.

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Report on ‘The benefits of capital markets to high potential EU economies’

November 2016 • Unlocking capital marketsby William Wright

Capital markets have made remarkable progress from a standing start in Central and Eastern Europe over the past 25 years. This report, published in collaboration with AFME, shows that there is a huge opportunity for further growth: deeper capital markets in the region could unlock more than €200bn in long-term capital, deliver more than €40bn a year in extra funding for companies, and help restore rapid economic growth

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Thinking allowed: a selection of some recent academic papers & speeches

December 2016 • Driving diversityby Panos Asimakopoulos

Here is a selection of recent academic papers and speeches on pay and diversity that we have read, sifted and translated so that you don’t have to. This selection includes research on why the problem with executive pay could be worse than you think; a history of executive pay since the 1930s; how stock awards reduce systemic risk in banking; the limitations of ‘say on pay’; how social networks between analysts and fund managers affect their investment decisions (and why female board members in Singapore play golf); and why the financial services industry needs to address diversity.

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The challenges for financial markets – summary of a speech by Sir Jon Cunliffe, deputy governor of the Bank of England

December 2016 • Rebuilding trustby Panos Asimakopoulos

Financial markets have grown rapidly over the past few decades boosted by globalisation and the revolution in IT. This growth has been accompanied by increased concentration, with economies of scale, lower costs and greater efficiency, creating larger clusters and financial centres. But somewhere along the way the connection between financial markets and society has been lost: rebuilding trust in banking and finance and dealing with the UK’s exit from the European Union will be the main challenges for the industry for many years to come.

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Report on ‘What do EU capital markets look like post-Brexit?

September 2016 • Unlocking capital marketsby William Wright

The latest report from New Financial puts some hard numbers for the first time on where capital markets in the rest of the EU stand without the UK. While capital markets in the EU27 are significantly smaller and less developed than in the EU as a whole, the report shows that there is a huge opportunity for the economy and for the capital markets industry in developing deeper capital markets in the EU beyond Brexit.

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Beyond Brexit: what happens next for European capital markets?

June 2016 • Unlocking capital marketsby William Wright

The decision by the British people to leave the European Union will have a profound effect on capital markets in Europe. This short paper summarises the main challenges and questions ahead for the capital markets industry in the wake of Brexit, based on peer intelligence from events that we have hosted over the past few months and discussions with European Commission officials, senior market participants and policymakers. The main trade-offs are between access to the single market, free movement of people, and the regulatory framework.

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Report on ‘Women in UK financial services’

June 2016 • Driving diversityby editTeam

Gender balance in UK financial services has leapt up the agenda since the government asked Jayne-Anne Gadhia, chief executive of Virgin Money, to lead a review of women in senior management, and launched HM Treasury’s Women in Finance Charter. New Financial’s latest report looks at the context of the Gadhia Review and the Charter and discusses how the industry can engage with these initiatives as an important stepping stone towards permanent, sustainable change.

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Post-Brexit, it’s even more important to make the positive case for capital markets

July 2016 • Unlocking capital marketsby William Wright

The outcome of the EU referendum campaign showed that the banking and finance industry has a long way to go in rebuilding trust with the wider public and with policymakers. This speech by our founder and managing director William Wright on ‘Making the positive case for capital markets’ at the annual dinner of the Institutional Money Market […]

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Report on ‘The potential impact of Brexit on European capital markets’

April 2016 • Unlocking capital marketsby William Wright

Capital markets across Europe would be significantly disrupted if the UK votes to leave the EU in the referendum on June 23rd. This would create uncertainty, complexity and increased cost for market participants and their customers in the UK and the rest of the EU – according to our in-depth qualitative survey of the views of market participants from different sectors of the capital markets.

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Taking stock on pay: what we do and don’t know about pay at investment banks and asset managers

February 2016 • Getting pay rightby William Wright

One of the problems with the question of pay in banking is that that so much of the debate is based on poor information: public disclosure by the industry is patchy, inconsistent and often confusing. This reports puts some hard numbers on what has been happening to pay over the past decade – and shows that while progress has been made, the industry still has further to go in addressing pay.

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If I ruled the world: a wish list for unlocking capital markets

September 2015 • Unlocking capital marketsby William Wright

For all the progress that has been made towards a single capital market in Europe over the past few decades, significant barriers remain. These inefficiencies cost the European economy many billions of euros every year in lost investment and unnecessary costs. Here are 10 fantasy reforms that could help unlock the potential of capital markets in Europe. 

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Report: ‘Counting every woman 2016 – gender diversity in the capital markets’

January 2016 • Driving diversityby Yasmine Chinwala

When it comes to gender diversity, we all know that the capital markets industry is starting from a low base. But the latest report by New Financial on female representation on boards and executive committees at 220 organisations across 11 sectors in European capital markets shows that the numbers are beginning to move in the right direction.

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Debate: this house believes that tax relief on debt is a dangerous flaw at the heart of the world economy

November 2015 • Unlocking capital marketsby William Wright

Tax relief on debt is an anachronism that distorts management and investment behaviour, increase financial instability, and helps fuel inequality. This is an edited version of a speech given by William Wright, managing director and founder of New Financial, as part of a debate held at the Capital Structure Forum organised by Private Debt Investor. The motion is taken from the cover of The Economist in May 2015.

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A signal of intent: report on diversity disclosure in European capital markets

July 2015 • Driving diversityby Yasmine Chinwala

Diversity disclosure is an opportunity for the European capital markets industry to get ahead of regulation, signal that it is serious about cultural change and inform the debate with facts rather than anecdotal evidence. The latest report from New Financial analyses what the biggest companies and organisations across the financial markets tell us about their approach to diversity on more than 50 criteria.

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The detailed numbers behind our report on ‘Decoding capital markets union’

May 2015 • Unlocking capital marketsby William Wright

The available data around the capital markets in Europe is very patchy and inconsistent. In producing our report ‘Decoding capital markets union’ we had to make lots of assumptions, some more informed than others. Here’s a summary of where we got the data for our report and what estimates we made. If you have any queries about our data […]

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Report: ‘Counting every woman: gender diversity in the capital markets’

November 2014 • Driving diversityby Yasmine Chinwala

The European capital markets industry risks losing its competitive edge if it doesn’t embrace the importance of gender diversity. The latest report from New Financial takes a snapshot of female representation on boards and executive committees at 220 organisations across 11 sectors in the financial markets – with some predictably depressing results.

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How to make markets fair and effective – Minouche Shafik

November 2014 • Rebuilding trustby Yasmine Chinwala

If you work in the financial markets then you should probably have already read the recent speech by Minouche Shafik – deputy governor of the Bank of England with responsibility for markets and banking – on why markets matter, why the latest scandals are not just the fault of ‘a few bad apples’, and how the industry can apply its collective imagination to help rebuild fair and effective markets. But just in case you haven’t, here is an edited summary.

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Thinking allowed: a selection of some recent academic papers

November 2014 • Unlocking capital marketsby Kaela Athay

Here is a selection of recent academic papers and research that we have read, sifted and translated so that you don’t have to. This week, the papers include the theory behind regulatory capture, the impossibility of designing a benchmark that can’t be manipulated by determined and unscrupulous traders, an alternative perspective on long-termism, and why happy staff make for happy shareholders.

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Thinking allowed: a selection of the best recent academic papers

October 2014 • Comment & analysis • Unlocking capital marketsby William Wright

Here is a selection of recent academic papers and research that we have read, sifted and translated so that you don’t have to. This week, the papers include the impact of capital markets on the companies that use them, the downside of shadow banking, what happens when CEOs drop dead, and why is the gap between bankers’ pay and lesser mortals so wide – and getting wider. Please send any papers that you come across or would like to recommend to info@newfinancial.eu

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Winning the debate on bankers’ pay and bonuses

June 2014 • Comment & analysis • Getting pay rightby William Wright

The question of pay and bonuses at investment banks is an important barometer of how the industry thinks about itself in relation to its shareholders, to its clients, and to society. Until banks start making a more positive case for what they do, they will struggle to defuse – let alone win – the argument.

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Why is the financial industry so inefficient?

June 2014 • Rebuilding trustby William Wright

Given the technological progress, deregulation and innovation over the past 30 years, you might have expected to see a quantum change in the cost and efficiency of finance. Instead, the cost of financial intermediation has increased – and  market participants have captured most of the gains for themselves.

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Market failure? The two different faces of the IPO market

July 2014 • Research • Rebuilding trustby William Wright

The impressive recovery in IPO volumes over the past six months has been accompanied by less impressive aftermarket performance and poor returns for investors. This points to structural weaknesses in the IPO market that could kill off a sustained recovery in new issues before it even gets going.

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FICC is dead. Long live FICC?

June 2014 • Comment & analysis • Rebuilding trustby William Wright

The long, slow decline of the fixed income business has highlighted the inability of most investment banks to adapt their business models to a changing landscape – and raises serious questions for the future of the entire industry.

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