IIAC Blog

September 28, 2016

The ‘Top of House’ Issues Facing the City of London and Implications for Financial Services (IIAC Blog)

Ian Russell photo - February 2014

Ian Russell

President's Letter

Now that the UK has voted to leave the EU, what will happen next? When the UK government starts to negotiate the withdrawal process, two key issue will need to be taken in consideration. The first, and most essential, will be the terms of the UK’s exit from the EU. The second will be the negotiation of a new relationship between the UK and the EU.

My recent trip to London and meetings with key officials provided the opportunity to better understand the underlying themes and implications of Brexit for the UK, the City of London and the financial services sector. I write about this in my latest Letter from the President.

The other issue dominating discussion and debate in the UK is the implementation of the recommendations of the Fair and Effective Markets Review. The purpose of the recommendations is to enhance the fairness of Fixed Income, Currency and Commodities (FICC) markets while also boosting their overall effectiveness, by increasing confidence and reducing risk. The IIAC will review the newly developed FICC market standards, monitor ongoing progress on development and implementation, and consider the merits of a Canadian version of the FICC standards.

You can access the Letter from the President by clicking here.

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