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June 2015 • Unlocking capital marketsby New Financial

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New Financial is a new think tank and forum that believes Europe needs bigger and better capital markets to drive its recovery and growth – and that this presents a huge opportunity for the industry and its customers to embrace change and to rethink how capital markets work. 

Here is a summary of our work and of some of the recent coverage we have received. For a full briefing pack on New Financial, click here:

Our programme:

New Financial runs a managed programme of events and research across the following complementary themes:

Unlocking capital markets
Rebuilding trust in capital markets
Driving diversity and sustainability
Getting pay right

Our research:

New Financial conducts original research on capital markets that combines journalistic presentation and accessibility with depth and rigour. (To read the reports, click on the title)

‘Driving growth – making the case for better capital markets’  

We put some hard numbers on the depth and development of capital markets in Europe for the first time, and established that there is a capacity gap of $1 trillion a year between capital markets in Europe and the US. This research has been picked up and cited by the European Commission and most recently by the Bank of England in its paper on capital markets union

William Wright has spoken on capital markets union at events organised by Chatham House, CSFI, Goldman Sachs, Morgan Stanley and the European Commission.

‘Counting every woman’ – Driving diversity

We analysed gender diversity in senior management for the first time at more than 200 companies and organisations in 11 different sectors of the capital markets.  It highlighted the progress that has been made, but also the scale of the challenge ahead. The report was covered in the Financial Times and Wall Street Journal, and has become a reference for the diversity programmes at a number of firms.

Yasmine Chinwala, a partner at New Financial, spoke at the opening of the London Stock Exchange on the power of diversity to drive cultural change in the capital markets industry to mark International Women’s Day with Women in ETFs.

YC_LSE_March3_2015

‘Feeling the squeeze?’ – Getting pay right

This report analysed trends in pay at investment banks and asset management firms over the past decade. From a sample of more than 30 firms, we highlighted how the underlying economics of both industries are changing and how the pay gap between them is narrowing.

The research was widely covered in the Financial Times, New York Times, Reuters and other media, and has been cited in the policy debate around pay.

Decoding capital markets union

This report quantified the wide range in the depth of capital markets in all 28 member states of the European Union across more than 20 metrics. It highlighted the huge opportunity that could come from capital markets union.

Diversity disclosure in capital markets

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. This report analysed what the biggest companies and organisations across the financial markets tell us about their approach to diversity on more than 50 criteria.

If I ruled the world: a wish list for deeper capital markets in Europe

We asked senior market practitioners in a series of workshops what single thing they would change to improve the functioning and efficiency of capital markets in Europe if they were an omnipotent and benevolent dictator.

Our events:

We run an active programme of private events, briefings and workshops on ‘neutral territory’ at our premises in Green Park. All of our events are held under the Chatham House rule, and for each event we curate a small group of guests (usually 12 to 15) from different sectors of the industry. There are no set speeches or presentations at our events and we encourage as much discussion as possible.

Previous events:

Previous events have included:

Rebuilding trust in capital markets – David Wright, secretary general of IOSCO

Raising standards in banking – Sir Richard Lambert, chairman of the BSRC

Unlocking capital markets – Elizabeth Corley, CEO of Allianz Global Investors

Rebuilding trust with regulators and regulated – Martin Wheatley, CEO of the FCA

Getting pay right – John Fraser, former  chairman of UBS Global Asset Management

Capital markets union – Lunch with Lord Hill, European Commissioner for Financial Services

Rebuilding trust in banking – Andrea Enria, chairman of the European Banking Authority

The case for capital markets – Dinner with Markus Ferber MEP, vice-chair of ECON committee

How to build better capital markets – Dinner with Chris Gibson-Smith, Chairman – LSEG plc

The balance between financial stability and capital markets – Dinner with José Viñals, head of monetary affairs and capital markets at the International Monetary Fund

The future framework for European capital markets – dinner with  John Berrigan, deputy director general of financial services, European Commission

‘Other People’s Money’ – dinner with Professor John Kay

The Financial Advice Market Review – dinner with Charles Roxburgh, head of financial services, HM Treasury

The next steps for capital markets union – breakfast with Niall Bohan, head of unit, European Commission

Upcoming events:

The future framework for capital markets in Europe – dinner with Steven Maijoor, chairman of ESMA

‘Between Debt and the Devil’ – dinner with Adair Turner, chairman of the Institute of New Economic Thinking and former chairman of the FSA

‘Swimming with sharks’: culture in banking and financial markets – dinner with Joris Luyendijk, anthropologist and author

‘Beyond bonuses: how to motivate people without writing big cheques’ – dinner with Dr Raj Persaud, psychiatrist

Rebuilding trust between regulators and regulated – dinner with Andrea Enria, chairman of the EBA

Workshop series on ‘capital markets union’:

We hosted a series of private and interactive workshops to identify the main obstacles to deeper capital markets in Europe and how best to overcome them. These workshops fed into our report If I ruled the world: a wishlist for deeper capital markets in Europe

- Unlocking equity markets

- Unlocking market infrastructure & trading

- Unlocking debt markets

- Unlocking investment and long-term capital

Workshop series on diversity in capital markets:

We host a rolling series of private seminars to explore the latest developments and best practice in different areas of diversity and sustainability:

– Gender diversity

– Disclosure of diversity and targets

– Recruitment – widening the gene pool

– Diversity from a PR and communications perspective

– How to avoid groupthink

– How to create an inclusive workplace

 

For more information about our events and research programme, please contact us at info@newfinancial.eu 

 

 

 
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