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