Event
Buy Side Club Dinner – 6th October
Brexit Referendum & Market Structure Discussion.
Following the huge success of the Buy Side Club’s last dinner discussion in March, the club is once again coming together on the 6th October at the Covent Garden Hotel. This will be an exclusive gathering bringing together COOs, CFOs and senior executives from a select group of asset managers, hosting our usual vibrant debate in addition to a mini referendum on Britain’s exit from the EU. Join us to hear both the house view, and alternative argument presented by two of our long-standing club members, and share your own thoughts with us as part of a collaborative debate.
Not only is this a great opportunity to see how the vote swings amongst your peers, but the club also provides a superb opportunity for those invited to network and share their thoughts in an environment which is informal, yet confidential.
The Discussion
On this occasion, the club will be turning its attention to two of the most pressing items on asset management boardroom agendas at the moment: the inevitable EU referendum, and upcoming changes to market structure. In addition to the usual club discussion format, we will also be hosting a mini Brexit referendum, with an open discussion forum and vote.
1. The EU Referendum
The threat alone of a Brexit has already had tremendous consequences across the finance sector, with some industry powerhouses already looking to relocate, and many more putting on hold all investment-decisions in Britain. Mounting speculation suggests that a referendum could take place as early as summer 2016 in an attempt to limit the potential damage of market uncertainty, but whatever the vote, there will undoubtedly be far-reaching impacts.
- Some economists suggest that there will be a mass-migration of businesses from the UK should Britain leave the EU – would this leave London as an isolated financial centre, cut-off from other markets? Or could release from constrictive EU regulation actually reinvigorate businesses in the UK, and give London a more-competitive position?
- The recent fall-out from punitive hikes in bank taxes in March saw many financial powerhouses leave the UK for continental Europe – could a Brexit prove to be an incentive for such institutions to return?
- How sizeable is the impact of uncertainty on international trade likely to be in the lead-up to the referendum?
- Deutsche Bank are already investigating the potential costs of relocating huge parts of its operations and work force to Germany, erring on the side of caution. Irrespective of the outcome, will “deferred decision-making” affect the UK’s position as a financial hub? And how many other companies would consider a similar move to facilitate trading within the Eurozone?
We will be touching on these questions and many more, in conducting the Club’s first mini referendum. The house view will be presented by Andrew Simpson, an expert in market structure and regulation, and an alternative suggestion will be put forth by long-standing club member, Laurens Vis (MD, Kas Bank). This is set to be a very vibrant open debate, concluded with an anonymous vote.
2. Market Structure – Impacts of recent change
Since the global financial crisis regulation has altered the landscape of market structure, targeting commercial banks and asset management firms with increasing costs of compliance. This constriction of profitability has been accompanied by increased risk aversion and heightened pressure for transparency, giving ever-increasing levels of complexity, especially with reporting.
The recent news of $5.7bn fines hitting such leading institutions as UBS, Barclays, Bank of America Merrill Lynch and RBS demonstrates the danger of not meeting transparency obligations with compliant reports. This issue is particularly thought provoking for firms who are outsourcing their reporting function in an attempt to reduce costs. Whilst it seems relatively straightforward to outsource the function of producing and sending regulatory reports, the obligation to meet regulatory requirements remains firmly in-house. This rift between functional delivery and obligation has become particularly acute with new regulatory texts, which in combination, bring increasingly onerous demands for reporting, validation and control. It can be a fatal grey area of compliance for many firms, and can be one of the most costly areas to get wrong.
We’ll be discussing the key issues that will be affecting market structure and regulation over the coming year and sharing best practice, touching on such areas as:
- What is best practice for meeting the increasing compliance pressures and complexities surrounding reporting?
- If choosing to outsource the reporting function, how can we improve processes with third party providers to ensure output is compliant and meets the in-house obligation?
- MiFID II / MiFIR for the Buy-Side – Are we achieving price transparency, and reporting correctly? What is best practice in reporting with regard to insourcing, outsourcing and co-sourcing? What additional considerations have to be taken into account with the Regulatory Technical Standards?
- T2S: Now that T2S has started to land, what impact is this likely to have on markets during the migration period? Are there likely to be complications in the staggered delays? What are best practices for preparing to tackle the post-migration landscape of 2017? What benefits does T2S offer, and are these being realised by BuySide members? In what ways will this differ from T+2, and how is this likely to affect global trade between markets?
The Event
This will take place on 6th October 2015 at the Covent Garden Hotel, commencing at 6:30pm with networking drinks. This will be followed by a strategic discussion at 7pm, inviting attendees to share their experiences in a confidential environment, before enjoying a five-star, three-course meal.
Agenda
6:30pm: Welcome drinks reception & Introductions
7:00pm: Dinner-Discussion & EU Referendum led by Andrew Simpson & Laurens Vis
8:00pm: Dinner service over open discussion
9:15pm: Closing drinks at the bar
10:00pm: Carriages
Register Now
We are strictly limited in terms of seats at this event to ensure an intimate and confidential environment is maintained.
To apply to attend this event and be part of the discussion, please register below: