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  • Dear delegates

    親愛的代表,本場會議的官方語言為英文

  • the official language of this conference is English

    派對開始啦!!!

  • Let·s get the party rocking

    肅靜!

  • Silence

    今天我們要探討的主題是

  • Today, we focus on

    倫敦是否能保住歐洲金融中心的地位?

  • We, the United Kingdom

    你是說在脫歐之後嗎?

  • held a national referendum on 6/23

    沒錯

  • and the result showed that 52% voted to leave

    我們英國在6/23舉行了一場全民公投

  • and 48% wanted to stay

    結果顯示52%的人主張脫歐,而48%的人希望留歐

  • The next day, Cameron claimed to resign

    隔天首相卡麥隆宣布辭職

  • The British pound depreciated and the index of FTSE 100 plunged

    英鎊和FTSE100指數一同下跌

  • After that, Theresa May became the new prime minister

    接著,泰勒莎梅伊上任新首相

  • We, Germany

    我們德國拒絕任何非正式的脫歐協商

  • strongly refuse any informal Brexit talks until the UK triggers Article 50

    直到英國啟動里斯本50條約

  • Italy Second

    義大利同意

  • France Second

    法國同意

  • Oh my friends

    朋友啊,脫歐就是脫歐

  • Brexit means Brexit

    我們會在明年三月底之前正式啟動里斯本脫歐程序

  • We will trigger Article 50 to formally initiate the leaving process

    她堅定的語氣暗示著英國將會完全與歐盟脫離

  • by the end of March next year

    我們稱之為硬脫歐

  • Her firm tone implied a tendency for Britain to totally breaks up with EU

    相較於市場所預測的軟脫歐

  • which was called Hard Brexit

    英國恐怕不會為了進入單一市場而繼續繳交歐盟會費

  • Unlike the concept of Soft Brexit

    誰可以告訴我倫敦為何是歐洲的金融中心?

  • speculated by the market formerly

    成立於1694年

  • British is probably not paying the member fee for the access to the single market

    英國央行是世界第一家中央銀行

  • Established in 1694

    它一直扮演著世界金融商品以及規範的先驅

  • Bank of England is the first central bank in the world

    因為英國的遠見及開放的政策

  • and it has been the cutting edge of financial instruments and law due to their foresight and opening policy

    倫敦以250家外商銀行及200家法律事務所享負盛名

  • London boasts 250 foreign banks and 200 foreign law firms

    一大群精通英國法律以及金融的菁英份子聚集在此

  • An abundance of clever people

    而他們迅速累積著財富,吸引更多工作者前來

  • adept in English law as much as in finance

    這些因素為倫敦金融產業帶來規模經濟

  • gathers here, and the wealth of employers, in turn, attracts more workers

    並造就它成為以歐元計價的有價證券的主要清算中心

  • These factors offer London·s financial industry economies of scale

    像是掉期、股票、期貨、鈔票和選擇權

  • which forms its status as the main clearing center in euro-denominated securities

    約有70%的歐元利率掉期交易都在倫敦清算中心進行

  • Such as, swap, stock, future, banknote, option

    儘管它並不在歐元區裡

  • Around 70% of trading in euro interest-rate swaps

    但什麼是清算中心呢?

  • takes place in London produce clearing house

    它是一個金融商品的中間機構

  • even though it is outside the euro zone

    負責確保買賣雙方得到他們的商品和錢

  • But what does clearing house mean

    並記錄下可信的交易紀錄

  • It is an intermediary between buyers and sellers of financial instruments

    再者,若是發生違約的狀況,他必須承擔很大的風險

  • which secures them to attain what they want with the credible trading data

    以確保金融市場的穩定以及效率

  • Also, if default occurs clearing house would take on the significant risk

    倫敦的規模經濟造就它成為清算中心

  • making financial market stable and efficient

    因為在龐大的市場中較容易找到買賣兩方

  • London·s economies of scale makes it the clearing center

    同時身為清算中心更是吸引許多金融企業進駐

  • and as it is much easier to find buyers and sellers in the tremendous market

    所以脫歐會如何影響倫敦的金融地位呢?

  • being a clearing center attracts more financial businesses

    倫敦被視為世界各類型的金融服務進入歐盟的跳板

  • London is viewed as a global entry point into the EU for financial services

    但條件是以英國為根據地的金融實體

  • but that relies on UK-based financial entities

    能夠讓他們的服務在歐盟的單一市場裡「流通」

  • being able to ;passport: their services within the EU single market

    因為脫歐,英國可能會損失他們進入單一市場的通行權

  • Because of Brexit

    而中國等對英國有資金進駐的國家將會撤回他們在英國的投資

  • UK may lose its financial passporting rights

    另外,倫敦會失去對國際銀行和金融機構的吸引力

  • and countries such as China may withdraw their investment in the UK

    進而損及他在歐洲金融中心的地位

  • Besides, it could also make the city less attractive for international banks and financial institutions

    有另一項進入單一市場的可能方案為MIFID2

  • And further damage its status as European financial center

    它為非歐盟國家提供了一個歐盟現有金融法律的準則

  • There·s also a possible solution to enter the single market

    若能接受並遵守,它們並能享有進入單一市場的權利

  • MIFID 2 creates a new single rulebook for non-EU members

    歐盟央行持續地透過英國央行來監管清算市場

  • to follow the same financial laws and regulations

    是為了避免劇烈的價格浮動造成恐慌

  • and by this, they may enjoy some access to the single market

    然而

  • The European Central Bank has been monitoring the clearing market through BOE

    歐洲央行一直希望歐元的貨幣清算能夠在歐陸上進行

  • to avoid the panic caused by violent price fluctuation

    以提升效率

  • However, the ECB has long wanted its currency clearing to take place on its turf for effectiveness

    只要英國失去歐盟會員和歐洲法庭的上訴權

  • As long as Britain losses EU membership and recourse to the European Court

    倫敦的清算中心地位可能會被剝奪,並引發國際銀行和金融機構的出走

  • London·s clearing center position may be deprived

    現在,許多城市像是巴黎、法蘭克福、和阿姆斯特丹

  • following by the departing of international banks and financial institutions

    為了龐大的利益,正在覬覦著清算中心的地位

  • Now, there are several cities, such as Paris, Frankfurt and Amsterdam

    因為時間有限,誰能幫我們總結呢?

  • coveting after the position of clearing center because of its tremendous profit

    倫敦的金融地位在短期內並不會衰落

  • Due to the time concern, who can give us a summary

    因為其他金融中心還欠缺足夠規模與密集的人才

  • London is not about to crumble in the short time

    而且,我們認為清算中心的位置應該由自由市場機制來決定

  • as other centers lack its scales and sheer concentration of expertise

    而不是吵最大聲的孩子有糖吃

  • Also, we suppose that the location of clearing center should be the result of free market system

    然而,企業的出走是無庸置疑的

  • rather than who speaks the loudest gets the prize

    而未來方向的不確定性將會使歐洲的金融產業變得更加脆弱且沒效率

  • However, it·s no doubt that some business may go elsewhere

    當政策和規範不明朗的時間持續越久,就可能造成越大的損失

  • and Europe·s financial industry will become more fragmented and inefficient

    謝謝大家的努力與參與

  • due to the uncertainty to the future direction

  • The longer the political and regulatory vacuum lasts

  • the more harm it will do

  • Thanks for your efforts and participation

Dear delegates

親愛的代表,本場會議的官方語言為英文

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B1 中級 中文 金融 倫敦 英國 中心 歐盟 市場

London After Brexit ft.Econ MUN 模聯菁英 (London After Brexit ft. Econ MUN 模聯菁英)

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    oliver zero 發佈於 2021 年 01 月 14 日
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