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Publications

New Financial commissions and publishes regular papers, commentary and research on the capital markets industry. We work with business schools, academics and other experts to produce a regular research and analysis on some of the main challenges facing the capital markets and market participants.

Report – A mechanical drag on UK equities

March 2024 • Capital marketsby William Wright & James Thornhill

This short paper highlights the structural shift in the way UK pension funds invest the money they allocate to equities away from their traditional ‘UK centric’ approach to a ‘global equities’ approach. While this shift is self-evident to people working in the industry it is less well known outside of it. It has had a significant impact on the allocation to UK equities and will continue to act as a drag on the UK market for many years to come.

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Report – The radical option in UK pensions

February 2024 • Rebooting UK capital marketsby Toby Nangle

This paper analyses the potential political, fiscal, and economic benefits of shifting the huge unfunded public sector pensions schemes in the UK from a pay-as-you-go model to a funded model. Such a move would enable them to be global investment powerhouses, driving long-term sustainable outcomes for public servants, cheaper finance for the Treasury, better outcomes for taxpayers, higher levels of investment, deeper capital markets, and a more stable international investment position.

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Report – A renewed vision for EU capital markets

January 2024 • Capital marketsby Christopher Breen, Maximilian Bierbaum, and William Wright

This report paints a renewed and ambitious vision for EU capital markets and identifies the potential for game-changing growth to support investment, innovation, and prosperity.  We estimate that an additional 4,400 companies in the EU could raise an extra €470bn every year in the capital markets, and that an additional €12tn in long-term capital could be put to work in the EU economy to help boost sustainable growth.

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Report – The social and economic value of finance

December 2023 • Unlocking capital marketsby William Wright, Sheenam Singhal, Seethal Kumar & Katharina Ritter

The banking, insurance, and capital markets industry has a vital role to play in driving long-term investment across the UK – but it needs to make a better and more concrete case for the value of what it does. This report drills down behind the headline numbers to highlight the social and economic value of one financial services company at a regional level and the impact it has on people’s everyday lives in every corner of the country.

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Paper – A £10bn short in the arm for UK equities?

November 2023 • Unlocking capital marketsby William Wright

This short paper outlines how the UK could unlock an extra £10bn a year of investment into UK equities by reforming the ISA regime to require half of all new investments to be invested in UK equities, and raising the ISA allowance to £25,000 in line with inflation. This would help rebuild a pool of ‘natural buyers’ for UK equities, drive a renewed culture of investment and increase retail participation, and help crowd-in additional investment.

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Report: HM Treasury Women in Finance Charter: signatory survey 2023

November 2023 • Driving diversityby Yasmine Chinwala, Jennifer Barrow and Sheenam Singhal

The fourth signatory survey highlights the impact the Charter is having on signatories, the benefits they are realising from joining the Charter, and the challenges they face in meeting their Charter commitments. Two-thirds of Charter signatories believe the Charter is driving permanent, sustainable change in their organisations and helping them maintain their focus on increasing female representation as they move into the next phase of their diversity efforts.

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Report – Widening retail participation in equity markets

September 2023 • Capital marketsby Maximilian Bierbaum and Sheenam Singhal

At a time when technology should enable more people than ever before to invest in the stock market, retail engagement has fallen over the past few decades in the UK and in many European economies. This report measures the levels of retail participation in equity markets; outlines the potential benefits to households, the economy, and the capital markets; and makes 12 recommendations to increase retail investor engagement.

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Report – EU capital markets: a new call to action

September 2023 • The future of EU capital marketsby Christopher Breen, Maximilian Bierbaum, and William Wright

Member states, EU authorities, and the European banking and finance industry need to inject more urgency across Europe into building bigger and better capital markets. This report identifies five of the biggest social and economic challenges facing the EU, analyses whether EU capital markets are in a position to address these challenges, and outlines a small number of high-priority steps to accelerate capital markets development.

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Report: UK capital markets – a new sense of urgency

September 2023 • Rebooting UK capital marketsby William Wright

This report highlights the emergence of two separate but related structural problems in UK pensions and capital markets that are undermining the long-term prosperity of the UK. Addressing inadequate pensions for millions of people in the next few decades and rebuilding a virtuous circle of investment and growth in capital markets will require a renewed and concerted focus in government, regulators and the industry.

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Report: financing innovation – earlystage investment in the EU

August 2023 • Capital marketsby William Wright & Christopher Breen

Innovative growth companies are a vital part of rebuilding a more resilient, dynamic, and sustainable economy in the EU.  This report highlights the challenges faced in funding this important sector, analyses the rapid growth in early stage investment in the EU over the past five years, and outlines an ambitious but achievable growth opportunity that could unlock nearly €25bn a year in additional investment to support nearly 5,000 companies in reaching their potential.

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Working paper: capital markets in the UK – a new sense of urgency

June 2023 • Rebooting UK capital marketsby William Wright

This short paper is a summary of the key themes in our current work on the urgent need for more structural reform of pensions, capital markets, and long-term investment in the UK. It includes some key points from a recent dinner hosted by New Financial with C-suite representatives from across the industry, as well as conversations with senior politicians, policymakers, and market participants over the past few months. We will be publishing a more substantial report outlining the case for reform and how to deliver it in September.

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Report: HM Treasury Women in Finance Charter – Annual Review 2022

March 2023 • Driving diversityby Yasmine Chinwala, Jennifer Barrow And Sheenam Singhal

Monitoring the progress of signatories and holding them to account. This report offers unique insight into what Charter signatory firms – from across the financial services industry – are doing to boost the proportion of women in senior ranks, who has hit and missed their targets, how they are developing diversity data and their different approaches to hybrid working.

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Paper – From Big Bang 2.0 to the Edinburgh Reforms

January 2023 • Rebooting UK capital marketsby By William Wright and Maximilian Bierbaum

Depending on your perspective, the Edinburgh Reforms are either ‘a bold collection of reforms’ (Jeremy Hunt); ‘a missed opportunity’ that is ‘too slow, too narrow, and too timid’ (The Daily Telegraph); a risky ‘bonfire of burdens on the City’ (Robert Peston); or ‘an extremely dangerous and wrong path to follow’ (Sir John Vickers). We think the reality is more prosaic.

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Report – Financing the transition

December 2022 • A reality check on ESGby Christopher Breen

Energy companies require more than $1 trillion per year in ‘transition finance’ to decarbonise their operations and hit their net zero targets by 2050. This report shows that transition finance as it stands is a long way short of raising the required amounts to clean up the energy sector; analyses why transition finance has not taken off in the same way as green finance; and outlines some ideas on how issuers, investors, investment banks, and policymakers can move the dial on transition finance.

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The mystery of the missing jobs in UK banking and finance

December 2022 • Capital marketsby William Wright

Something funny seems to be going on with the banking and finance industry: the number of jobs in the ‘jewel in the crown’ of the UK economy is shrinking. As the industry prepares for ‘Big Bang 2.0’ the number of people employed by the industry has fallen to its lowest level since shortly after Big Bang 1.0 more than 35 years ago.

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Report – A reality check on Big Bang 2.0

November 2022 • The politics of capital marketsby Maximilian Bierbaum and William Wright

For a few brief weeks, the UK government had a new tone towards financial services and a new sense of ambition, with a focus on ‘Big Bang 2.0’ and wanting to turn London into the ‘world’s leading financial centre’. While this reaffirmed commitment to the sector was welcome, this paper aimed to cut through some […]

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Report: HM Treasury Women in Finance Charter – Annual Review 2021

June 2022 • Driving diversityby Yasmine Chinwala, Jennifer Barrow and Sheenam Singhal

2021 was another big year for the Charter, with a third of signatories due to hit their targets. While more than three-quarters of the Charter signatories in this analysis have met or are on track to meet their targets for women in senior management, the average level of female representation has remained flat – at 33% year-on-year – for the first time.

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Report: The Future of UK Banking and Finance

April 2022 • Rebooting UK capital markets post Brexitby Panagiotis Asimakopoulos, Christopher Breen and William Wright

This report outlines an ambitious blueprint for the future of UK banking and finance in three broad areas: rebooting domestic capital markets to enable the industry to better support the UK economy; improving the international competitiveness of the UK as an international financial centre; and mapping the potential role the UK could play in developing global cooperation and partnerships.

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Report: A new vision for EU capital markets

February 2022 • The future of EU capital marketsby Panagiotis Asimakopoulos, Eivind Friis Hamre & William Wright

This report presents a new vision for EU capital markets and identifies the potential for game-changing growth to support investment, jobs, and sustainable growth.  We estimate that an additional 4,800 companies in the EU27 could raise an extra €535bn per year in the capital markets and that an additional €14tn in long-term capital could be put to work in the EU economy to help support a recovery.

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Report: Benchmarking ESG in banking & finance

October 2021 • A reality check on ESGby Panagiotis Asimakopoulos, Tim Wickenden & Chris Breen

This report measures the penetration of ESG in different sectors of banking and finance around the world and highlights the challenges ahead for the industry.  While there has been significant growth in ESG activity in the past five years, in most sectors it is still a small fraction of the total.  Europe is a long way ahead in most sectors – but the US and Asia are catching up fast.

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Report: The future of EU capital markets

September 2021 • The future of EU capital marketsby Panagiotis Asimakopoulos, Eivind Friis Hamre and William Wright

This report analyses EU capital markets from the perspective of strategic autonomy. It shows that in most areas of activity the EU falls short and there is a lot of work to be done. Building bigger, better and more integrated capital markets needs to be an urgent strategic priority to develop sufficient domestic capacity to finance the EU economy and support a post-Covid recovery, reduce the EU’s reliance on third countries, and increase its international attractiveness and global influence.

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New Financial Summary – The UK regulators’ discussion paper “Diversity and inclusion in the financial sector”

July 2021 • Driving diversityby New Financial

In July 2021, the UK’s Financial Conduct Authority, Prudential Regulation Authority and the Bank of England together published a discussion paper entitled: Diversity and inclusion in the financial sector – working together to drive change. The discussion paper outlines the regulators’ proposal to set rules and guidance for all regulated firms on D&I issues, and […]

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Report: Accelerating Black Inclusion

April 2021 • Driving diversityby by Yasmine Chinwala & Jennifer Barrow

The Covid 19 pandemic and the murder of George Floyd have exposed racial inequity, catapulted Black inclusion up the corporate agenda, and created a sense of urgency to drive change. This qualitative analysis focuses on the progression of Black colleagues into leadership positions across the UK financial services industry.

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Brexit & The City: The Impact So Far

April 2021 • Rebooting UK capital markets post Brexitby Eivind Friis Hamre & William Wright

This report highlights the damage that Brexit has already done to the City of London. More than 440 firms in banking and finance have moved or are moving part of their business, staff, assets or legal entities from the UK to the EU. While this is higher than previous estimates, it underestimates the real picture – and the potential longer term impact.

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Report: Unlocking productive investment

March 2021 • Rebooting UK capital markets post Brexitby William Wright

This report shows that while the UK is bursting with over £5.6 trillion in pools of long-term capital it faces a drought of the sort of long-term productive investment that the economy needs in the wake of the Covid crisis. Just 1% of pensions and insurance assets are invested in unlisted UK equities: this report highlights the barriers to unlocking more of this capital and suggests some solutions to put more of it to work in the UK economy.

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Report: The wider context on UK public equity markets

January 2021 • Capital marketsby William Wright

One of the biggest challenges and opportunities for UK capital markets is how to reinvigorate the new issue market and to make listing in the UK more attractive to UK and international companies alike. Our latest paper ‘The wider context on UK public equity markets’ is our submission to the UK listings review, being led […]

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Report: What do EU capital markets look like on the other side of Brexit?

December 2020 • The future of EU capital marketsby Panagiotis Asimakopoulos

This report shows that post-Brexit capital markets in the EU will be significantly smaller and less developed relative to GDP than they are today – and that the UK’s current dominance of EU capital markets activity will be replaced by the dominance of France and Germany.  The report also raises some difficult questions over the future relationship between the EU and UK in key sectors.

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Report: Covid and D&I – Time for radical action

September 2020 • Driving diversityby Yasmine Chinwala and Jennifer Barrow

How the Covid crisis is catalysing a step change in diversity and inclusion across the financial services industry.

The Covid crisis presents huge challenges – but there are also opportunities. It has propelled the diversity and inclusion agenda to the fore like never before, and shown us that rapid change is possible, desirable, and necessary.

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Report: EU capital markets & a post-Covid recovery

September 2020 • The future of EU capital marketsby Panagiotis Asimakopoulos & Eivind Friis Hamre

This report analyses how banks and capital markets have responded to the Covid-19 crisis and identifies the potential for game-changing growth in EU capital markets to support investment, jobs, and growth.  We estimate that an additional 4,000 companies could raise an extra €470bn per year in the capital markets, and that an additional €11 trillion in long-term capital could be put to work to support a recovery.

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Report: the value of capital markets to the UK economy

May 2020 • Rebooting UK capital markets post Brexitby William Wright & Eivind Friis Hamre

This report shows that capital markets have a vital role to play in supporting the UK economy through the Covid crisis and driving a recovery.  The report identifies 1,000 large UK companies that use the capital markets to support their day-to-day business, raise capital, or manage their risks. These companies employ nearly six million people in the UK and represent nearly 90% of UK firms with revenues of more than £200m.

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Report: A Reality Check on Equivalence

February 2020 • Brexitby Panagiotis Asimakopoulos & William Wright

Over the past few months the debate on equivalence – an arcane but vital part of the future of the City post-Brexit – has generated as much heat as it has light. This report cuts through the confusion and summarises how EU equivalence works, the benefits it provides, the trade-offs it involves, its limitations, what it is not and what it doesn’t achieve.

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Research: Radical Actions

January 2020 • Driving diversityby Yasmine Chinwala

This thought paper series introduces why we believe radical action is necessary to drive a step change in diversity to reach a new equilibrium, and proposes actions that together will deliver improvement steadily and sustainably.

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Report: The Crisis of Capitalism

December 2019 • Unlocking capital marketsby William Wright & Christian Benson

Few sectors of the economy have been blamed more for fuelling popular anger with capitalism as banking and finance – and few sectors have as much to lose from the backlash against it. This report analyses why so many people are so angry, summarises the main causes of the widespread loss of faith in capitalism over the past few decades in the form of 10 different types of real and perceived inequalities, and outlines the main policy responses that have been proposed.

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Report: A new sense of urgency – the future of capital markets union

November 2019 • The future of EU capital marketsby Panagiotis Asimakopoulos and William Wright

This report analyses the progress made by the capital markets union project so far, underlines why Europe needs more capital markets – and why it needs more integrated capital markets. It outlines a more ambitious and more focused roadmap for CMU over the next few decades that combines ‘top down’ initiatives at an EU level and ‘bottom up’ initiatives at a national level to build bigger and better capital markets.

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An update on ‘Brexit & the City – the impact so far’

October 2019 • Rebooting UK capital markets post Brexitby Eivind Friis Hamre & William Wright

This updated report provides the most comprehensive analysis yet of the impact of Brexit on the City and the wider banking and finance industry. More than 330 firms in banking and finance have moved or are moving business, staff, assets or legal entities away from the UK to the EU – and these numbers are likely to increase in the near future.

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HMT Women in Finance Charter Signatories Survey 2019

July 2019 • Driving diversityby Olivia Seddon-Daines & Yasmine Chinwala

The HM Treasury Women in Finance Charter was launched in March 2016 and now has over 350 signatories covering 800,000 employees across the sector. Our latest report is based on a survey of 136 firms that have signed up and assesses the concrete impact the Charter is having on how they approach diversity, the benefits they are realising – and the challenges they face in meeting their Charter commitments.

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What is the point of stock exchanges?

June 2019 • The Purpose of Financeby William Wright & Tracy Blackwell

This article was published in The Daily Telegraph in June to coincide with the launch of our recent report on ‘What are stock exchanges for? And why should we care?’ You can download a summary of the report here Maybe it’s just that we’re getting older, but the questions on Mastermind seem to be getting […]

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Report: What are stock exchanges for? And why should we care?

June 2019 • The Purpose of Financeby by William Wright

This report analyses the changes in the world of stock exchanges, equity markets and the new issue market over the past 50 years. It highlights the vital role that stock exchanges play in the economy, analyses the main drivers of the significant changes over the past few decades – and suggests how we can get exchanges back on track.

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Diversity from an Investor’s Perspective 2019

May 2019 • Driving diversityby Olivia Seddon-Daines and Yasmine Chinwala

This report looks at why and how the most forward-looking asset owners (such as pension funds, insurers and sovereign wealth funds) are addressing diversity and inclusion.  Their opinions count – as an essential source of capital for financial markets, the needs and actions of asset owners have a big impact on how the whole system […]

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Report: HM Treasury Women in Finance Charter Annual Review

March 2019 • Driving diversityby Olivia Seddon-Daines, Jennifer Barrow and Yasmine Chinwala

Three years since the UK Government launched the HM Treasury Women in Finance Charter, it is having the desired impact – signatories are taking action to improve gender diversity and beginning to see positive results, according to New Financial’s latest research.

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Report: Brexit & the City – the impact so far

March 2019 • Ecommerce reports • Brexitby William Wright, Christian Benson & Eivind Friis Hamre

This report provides the most comprehensive analysis yet of the impact of Brexit on the City and the wider banking and finance industry. More than 250 firms in banking and finance have moved or are moving business, staff, assets or legal entities away from the UK to the EU – and these numbers are likely to increase significantly in the near future.

 

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Report: Diversity & culture

January 2019 • Driving diversityby Olivia Seddon-Daines, Yasmine Chinwala & Jennifer Barrow

While culture and diversity have both moved up the agenda of the financial services industry, most firms treat them as distinct issues with discrete initiatives and separate reporting lines. Our analysis finds diversity and culture are closely interconnected and that a more holistic approach to both would yield better – and faster – results. Diversity and Culture analyses the differences and similarities in how companies approach diversity and culture and why it matters.

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Report: the New Financial global capital markets growth index

January 2019 • Unlocking capital marketsby William Wright, Panagiotis Asimakopoulos & Eivind Friis Hamre

Our unique index analyses the size, depth and growth potential of capital markets in 60 countries around the world across 25 different sectors of activity. It shows that capital markets in the US are by far the largest in the world today and are nearly twice the size of markets in Asia and Europe. But capital markets in Asia and emerging markets are catching up fast – and are set to dominate the potential growth in global capital markets in the coming decade.

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Report: the impact of capital markets on people’s everyday lives

October 2018 • Ecommerce reports • The Purpose of Financeby William Wright, Christian Benson & Eivind Friis Hamre

This unique report analyses the the impact of capital markets on people’s everyday lives through the lens of the economy in the North West of England. The report shows what goes on in the City of London is far more relevant to the everyday lives of millions of people living in the region than most people in the City or the North West would expect – and we hope that it encourages the industry to think differently about its role and impact.

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Report: diversity in portfolio management

September 2018 • Driving diversityby Olivia Seddon-Daines & Yasmine Chinwala

There is broad consensus that diverse voices enhance investment performance by increasing diversity of thought, which improves decision-making and investment idea generation while guarding against groupthink. But the industry has a long road ahead to cultivate the diverse workforce that can bring all these benefits. This report identifies the practical barriers to diversity in portfolio management, analyses what individual firms are doing to address these challenges – and highlights how the industry can work together to accelerate change.

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Report: the New Financial international financial centres index

September 2018 • Ecommerce reports • Brexitby Panagiotis Asimakopoulos

Our unique index measuring the value of domestic and international banking and financial markets activity across nearly 30 metrics in nearly 50 countries shows that the US is by far the world’s top financial centre with the UK taking the second place – well ahead of other European countries.

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Report: Understanding the gender pay gap in banking and finance

July 2018 • Ecommerce reports • Driving diversityby William Wright

Our unique analysis of the gender pay gap data at nearly 400 firms from across the financial services industry highlights the wide range in the pay gap, bonus gap, and levels of female representation in different sectors of the banking and finance industry – and sets a benchmark to measure future progress.

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Report: what is the purpose of asset management?

April 2018 • The Purpose of Financeby William Wright

The asset management industry is a huge, important and growing industry, that plays a vital economic and societal role in managing risk and return for its customers and in allocating capital. But it can often be distracted from its underlying purpose of serving is customers by the structure of the industry, misaligned incentives, and its reliance on modern portfolio theory. In an important recent paper, Jon Lukomnik and Jim Hawley explore the underlying purpose of asset management, and how to reconnect the industry with that purpose.

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Report: HM Treasury Women in Finance Charter Annual Review

March 2018 • Driving diversityby Yasmine Chinwala & Olivia Seddon-Daines

The UK government launched the HM Treasury Women in Finance Charter in March 2016 to encourage the financial industry to improve gender balance in senior management. This report is the first annual review of signatories to monitor their progress against their Charter commitments over the past year. And while they are off to an encouraging start – 85% have either met their targets or are on track to meet them – progress has so far been slow.

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Report: the size, depth & growth opportunity in EU capital markets

March 2018 • Ecommerce reports • Unlocking capital marketsby William Wright & Panagiotis Asimakopoulos

Most sectors of the capital markets in the EU have shrunk relative to the size of the economy over the past decade – and the gap in the depth of capital markets with the US has widened. This report highlights the urgent need for action to boost capital markets in the EU – particularly after Brexit – but shows that there is a huge growth opportunity for capital markets in Europe.

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A New Year rehab programme for the City of London

January 2018 • Unlocking capital marketsby William Wright

The recent attack on the City by the Labour leader Jeremy Corbyn – and the public comments by a bank chief executive on bankers’ bonuses and populism – show that 10 years on from the financial there are few signs of mistrust and anger with the industry going away. If the industry wants to bridge the gap with the rest of society it should start by talking about itself in a different way.

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

November 2017 • Brexitby William Wright & Panagiotis Asimakopoulos

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

October 2017 • Ecommerce reports • Driving diversityby Olivia Seddon-Daines & Yasmine Chinwala

Diversity is firmly on the corporate agenda. 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

October 2017 • Ecommerce reports • Unlocking capital marketsby William Wright & Panagiotis Asimakopoulos

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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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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CMU 2.0: what next for capital markets union?

July 2017 • Unlocking capital marketsby William Wright

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 last month) – and suggests some more radical longer-term measures to build bigger and better capital markets in Europe.

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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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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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‘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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Thank you for smoking: the big tobacco approach to lobbying

April 2017 • Rebuilding trustby William Wright

The drill is well-rehearsed: misrepresent, ignore, and avoid. Whether it is Glass-Steagall, bankers bonuses, proprietary trading or capital requirements, the effect is the same. That there is even still a debate over higher levels of capital and lower leverage is testament to the success of the diversionary tactics of the banking lobby over the past five years.

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

March 2017 • The Purpose of Financeby 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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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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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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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 ‘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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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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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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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 New Financial

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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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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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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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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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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Welcome to New Financial

June 2015 • Unlocking capital marketsby New Financial

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:

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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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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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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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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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The detailed numbers behind our report on ‘Driving growth’

September 2014 • Unlocking capital marketsby William Wright

The available data around the capital markets in Europe is very patchy and inconsistent. In producing our report ‘Driving growth: making the case for bigger and better capital markets’ 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. […]

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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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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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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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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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