Challenges for financial markets - speech by Jon Cunliffe

Speech given at the Association for Financial Markets in Europe’s annual dinner.
Published on 03 November 2016

In a speech at the Association for Financial Markets in Europe’s annual dinner on Thursday, Bank of England Deputy Governor for Financial Stability Jon Cunliffe reflects on the factors that have influenced London’s position as a global financial centre and considers some of the implications for European financial markets from the UK exiting the EU.

Jon observes that concentration in the financial sector has increased with financial globalisation and with the revolution in information technology; so that there are more financial centres now and the largest have become very large. He also observes that while historically, the clustering of financial activity has tended to follow trade and commerce, London has emerged as a global financial centre over the past 50 years even though the UK’s importance in the global economy has declined.

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