Unlocking capital markets

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.

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.

A private breakfast with Sébastien Raspiller, head of financial services at the French Treasury, to discuss ‘The future of capital markets union’. Some of the key topics for discussion will include: The progress made over the past few years by the capital markets union initiative The main barriers to further progress of the CMU project […]

This dinner continues our series of events with European policymakers to discuss the different EU perspectives on the future of capital markets post-Brexit. Burkhard Balz is a member of the Executive Board of the Deutsche Bundesbank. From 2009 until 2018, he served as Member of the European Parliament and was an active member of the […]

Depending on your view, CMU is either an ambitious project to map the challenges facing capital markets in the EU and lay the foundations for further growth in the decades ahead – or a missed opportunity for reform that avoids the difficult questions and that will do little more than tinker at the edges of […]

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.

This report outlines an ambitious vision of game-changing growth in European capital markets. It underlines the wide range in the size and depth of markets across the EU and highlights the potential benefits of deeper capital markets to the European economy in concrete and practical terms.

This event’s focus will be Philip’s fascinating recent book ‘The Bank That Lived a Little: Barclays in the Age of the Very Free Market’. The book is a parable of global finance and markets over the past 40 years as viewed through the lens of the transformation of Barclays from the 1980s onwards from a UK […]

A high-level dinner to discuss the working draft of our upcoming paper on ‘The purpose of stock exchanges’. The paper tries to reconcile the huge increases in liquidity and efficiency of equity markets over the past few decades with a structural decline in new issuance and the number of listed companies – and includes some […]

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.

This event’s focus will be Jesse Norman’s fascinating recent book on ‘Adam Smith: what he thought and why it matters’. In the context of debate over the ‘crisis of capitalism’, this will be one of the most interesting and challenging discussions that we host this year and we have invited a senior and wide-ranging audience […]

Jes Staley, group chief executive at Barclays, will discuss the implications of our recent report on The Impact of Capital Markets on People’s Everyday Lives, as viewed through the lens of the economy of the North West of England (in case you missed it, you can download the report here).  Jes will talk about why politicians, […]

Capital markets in the UK are the largest in the EU and are roughly twice as deep relative to the size of the economy as in the rest of the EU. But there is plenty of scope for growth and no room for complacency: UK capital markets are only half as developed as in the US, and over the past decade this gap has widened.

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.

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.

Well-functioning capital markets start with deep pools of long-term capital. But despite some progress in recent years, pensions assets in the EU represent just 35% of GDP and are just one quarter as developed as in the US. Strip out the UK, and pensions assets in the EU27 are just 25% of GDP.  At this […]

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.

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.

At this breakfast Niall Bohan, head of unit – capital markets union at DG FISMA, will focus on the progress made by the capital markets union initiative since it was launched in 2014, what the priorities are for the next few years, and what direction CMU may take in light of Brexit. At the event we […]

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.

‘But apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, a fresh water system, and public health – what have the Romans ever done for us?’ Monty Python – Life of Brian This event is part of a series of launch events for senior executives, policy and regulation specialists, and PR & comms, to […]

‘But apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, a fresh water system, and public health – what have the Romans ever done for us?’ Monty Python – Life of Brian This event is the first in a series of launch events for senior executives, policy and regulation specialists, and PR & […]

Whatever the outcome of the negotiations over the next few years, Brexit will have a dramatic impact on capital markets in the UK and the rest of the EU. However, much of the debate in the UK has focused on the impact on the City of London and what the capital markets industry wants from […]

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.

The City of London and the wider capital markets industry has a long shopping list of what it wants from Brexit. It is less clear on what it can reasonably expect, given the competing political imperatives in the UK and the rest of the EU. At this private dinner for senior executives and policymakers, Lord […]

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

In the wake of the referendum the framework for UK and EU-wide financial regulation faces huge uncertainty. Andrew Bailey, chief executive of the Financial Conduct Authority, said before the referendum that he did not expect there to ‘a bonfire of regulation’ whatever the outcome. At this dinner he will outline his views on the future […]

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.

So, Brexit it is. And as Theresa May has said, ‘Brexit means Brexit’. However, Brexit will mean very different things for different sectors of the capital markets and to different firms within those sectors. The latest event in our policy breakfast series will bring together different sectors of the capital markets to discuss how Brexit will […]

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 […]