International regulatory coherence has reached a “high point” city experts told a gathering of financial attachés at Guildhall, but with fears of regulatory fragmentation receding, they suggested the time was ripe to “reboot the system” to produce a level playing field that would lead to efficient capital flows and a pro-growth agenda.
A panel of senior City practitioners – Stewart James, Deputy Head of Public Policy Affairs, HSBC; Tom Duff-Gordon, Head of Public Policy Europe and UK, Credit Suisse and Antony Manchester, UK Public Policy, Blackrock – discussed the issues with AERL members. Since the financial crisis, the global regulatory system ensured stable but slow capital flows. The problem, they agreed, was differences in the implementation of regulations and suggested that a re-examination of the system was needed. A system that was inclusive to the needs of Asia and emerging markets was also important.
Chair Sherry Madera of the City of London with, from left, Stewart James, Deputy Head of Public Policy Affairs, HSBC; Tom Duff-Gordon, Head of Public Policy Europe and UK, Credit Suisse and Antony Manchester, Managing Director, UK Public Policy, Blackrock