Olaf Storbeck’s Post

What if FINMA and other Swiss regulatory bodies had gone after Credit Suisse $CS with the very same fervor over the past decade? https://lnkd.in/eFhij8bJ https://lnkd.in/ekSZwfzr I’m dreaming. Regulators will rarely to never investigate the systemically relevant banks - until it’s too late. Credit Suisse was the latest prominent example in Switzerland. Speaking of Credit Suisse. My post-mortem report on $CS $CSQ can still be found at the link below, including my time-stamped warnings since 2019 that Credit Suisse will likely collapse one day. That day came in March 2023: ‘The Collapse of Credit Suisse: “No-one saw this coming?” - Balderdash! Linking to my many, many warnings re CS over the past years. Until the Ides of March put an end to CS in March 2023. Looking into the future: UBS won, Switzerland lost.” See: https://lnkd.in/eq-WX3vC

Is post-Brexit London “still the decision-maker” in European financial markets? Despite an exodus of traders moving to Europe post-Brexit, the balance of regulatory and decision-making power remains firmly in the UK capital, say market participants – while trading volumes tell a similar story. Has London come out on top after all? Hear from Simon Gallagher CFA of Euronext, Graham D. of Aquis Exchange, @Raoul Salomon of Barclays as we explore regulatory divergence (and convergence) between the regions - and discuss why cooperation could be more important than competition. #markets #trading #brexit #europe #EU #regulation #finreg #volumes #convergence #divergence #fix #FIXfrance FIX Trading Community Lauren McAughtry https://lnkd.in/ecdjhBqP

New on BEST EXECUTION: Is post-Brexit London “still the decision-maker” in European financial markets? Despite an exodus of traders moving to Europe post-Brexit, the balance of regulatory and decision-making power remains firmly in the UK capital, say market participants – while trading volumes tell a similar story. Has London come out on top after all? Hear from Simon Gallagher CFA of Euronext, Graham D. of Aquis Exchange, @Raoul Salomon of Barclays as we look at regulatory divergence (and convergence) between the regions - and explore why cooperation could be more important than competition. #markets #trading #brexit #europe #EU #regulation #finreg #volumes #convergence #divergence #fix #FIXfrance FIX Trading Community

Following the failure of Credit Suisse, what will be the regulatory agenda for 2024 in Switzerland. This article addresses the main anticipated changes in the upcoming period. Notably one of the new guidelines will be FINMA's introduction of Senior Manager Regime where FINMA alongside many members of the Federal Parliament requested that the Federal Government propose a senior manager regime similar to that in the EU and in UK, making specifically designated senior representatives of banks personally liable for any violations of duties and/or introducing regulatory requirements within their sphere of responsibility, both financially and criminally. #switzerland #regulatory #agenda2024 #riskmanagement #accountabilitymatters #supervisory https://lnkd.in/dSdjKjp7

Munich is becoming a hotspot in the German financial landscape, with bulge bracket banks Goldman Sachs and Morgan Stanley due to open offices there soon - story on Reuters with Alexander Hübner #munich #financial #investors #technology #firms #bavaria https://lnkd.in/eBY4fsUy

The Global Wealth Report provides many insights into country level wealth trends across much of the Developed, Developing, Emerging and selected Frontier markets along with useful demographic views. Useful for many investment themes and policy analysis.

While it is crucial for financial institutions to uphold ethical standards, there can be no question that Standard Bank has singled out Independent Media (and the Sekunjalo Group) with the sole purpose of unbanking the media house, and thus silencing Independent Media’s often critical commentary on the unbridled power of an unchecked financial sector, South African politics and other matters that have an impact on democracy.

You might’ve heard about the ever-growing relevance of Paris as a European financial Hub, let's talk about some of the causes and its implications. The ramifications of Brexit are pervasive, and while a comprehensive enumeration of the consequences stemming from the United Kingdom's decision is beyond the scope of this discourse, focus can be directed to one aspect: the realm of banking.   The formal exit of the United Kingdom from the European Union occurred at the culmination of 2020 (UK Parliament). Since that juncture, a considerable number of banks have shifted their European headquarters and trading desks to the French capital, surpassing even the expectations set by the Bank of France's esteemed governor, François Villeroy de Galhau (Bloomberg News).   Among these financial establishments, notable is the relocation of JPMorgan Chase & Co., which transposed its trading hub from London to Paris in 2021. Jamie Dimon, Chairman and CEO of JPMC, articulated to the press that the newly established facilities in proximity to their historical office in Place Vendôme encompass six trading floors and are poised to facilitate daily trading volumes ranging between $300 billion and $400 billion, encompassing equity derivatives, equities, and bonds (Luxtimes)   Financial institutions, tend to gravitate towards expansive markets imbued with substantial liquidity, such as the European Union's. The prevailing business-accommodating administration under the stewardship of Emmanuel Macron recognized the vacancy arising from Britain's departure from the EU and seized the occasion, reaping the fruits of its strategic initiatives that were sown upon assuming power in 2017. This instance with JPMorgan is illustrative, but it is not an isolated case. Goldman Sachs, another notable entity, has traversed the English Channel and recently finalized a 12-year lease for its new headquarters in Paris, concurrently outlining ambitions to double its workforce within the French capital (Bloomberg News).   These recent developments offer preliminary indications of a protracted migration from London, encompassing not only Paris but also other prominent European financial hubs including Milan, Frankfurt, Madrid, and Warsaw. It is imperative to bear in mind, however, that London, as underscored by JPMorgan, continues to boast the largest headcount within the realm of financial services in Europe. Sources: - https://lnkd.in/dXrH9C3c -      https://lnkd.in/d78r_Uz3 -      https://lnkd.in/dyV-CrS5 -      https://lnkd.in/d9YTiJ3j -      https://lnkd.in/dGgZ8qQF #markets #paris #brexit

Deutsche Bank’s recent emphasis on beefing up its presence in the Asia Pacific markets isn't just about expansion; it's a testament to adaptability in a shifting global climate. Christian Sewing, CEO of Deutsche Bank, underlined the bank's concerted shift, citing a triple-pronged approach: bolstered capital, technology and workforce allocation directed towards the rapidly growing markets of the Asia Pacific. The decision isn't arbitrary; Asia's potential for higher profit margins than other global regions has led Deutsche Bank to prioritise investment in the area. Sewing remarked on their firm presence across 15 markets in the region, generating a notable 15% of the bank's global revenue and further highlighting the vitality of the Asia Pacific region in their expansion strategy. #familyoffices #wealth #hongkong #assetmanagement #wealthmanagement 

What do Switzerland’s new ‘too big to fail’ proposals mean for its future oversight of big banks? I shared my views with The Banker noting that this is an important first step – but there’s still more work to be done.    The Credit Suisse collapse in March 2023 raised concerns about the country’s ‘principles’ based approach to regulations, so the new plans to implement an individual accountability regime for senior managers are a positive sign. However, it remains to be seen how this will work in practice, and in particular how the absence of a power to issue fines will impact the efficacy of the regime.   You can read more here >>> https://lnkd.in/eU4AQ-Dy