My December 2017 Letter from the President examines Brexit and its implications for UK-EU and global capital markets. Brexit’s impact could be modest, if financial regulation relies on mutual recognition or national treatment, or considerably disruptive, if the EU forces UK dealing banks to conduct trading and clearing with European clients within the EU, requiring a shift in UK operations to Europe.

It is clear post-Brexit, the UK and the EU need a model of regulatory cooperation. I believe the Financial Stability Board (FSB) may be the best possible vehicle to take on responsibility for a regional or global collaborative framework for regulatory coordination of rules and mechanisms to address differences in cross-border regulation.

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