October 12, 2012
Latham & Watkins organized and hosted a finance industry summit during which Niall Ferguson, Professor of History at Harvard University, delivered a keynote address on the future of London in the context of the financial troubles in the eurozone. Professor Ferguson discussed the impact of the macroeconomic issues and changes in the regulatory environment on the financial services sector. A panel of distinguished leaders from the regulatory, finance and political fields debated whether the policy and regulatory response could adversely impact the competitiveness of the City of London as a global and European financial capital, among other hot button issues.
In his keynote speech, Professor Ferguson described the highly integrated, highly complex global financial network, and explained how financial stress ripples through the system to create global instability. Addressing the topic of the event, he commented: “Excessively complex regulatory reform poses another serious threat to London’s pre-eminent position. However, UK and other Western governments and businesses need to recognize that the profound shift in the global balance of economic power from West to East is the biggest challenge to the West’s dominance.”
Watch excerpts of Professor Ferguson’s keynote address
The panel debate was moderated by Latham & Watkins partner Witold Balaban and included panelists: David Wright, Secretary General of the International Organization of Securities Commissions (IOSCO); Mark Field, MP for the Cities of London & Westminster; Jeremy Quin, Managing Director, UK Regional Management, Deutsche Bank; James Ashton, City Editor, London Evening Standard; and Professor Niall Ferguson.
Watch excerpts of the panel discussion
Latham & Watkins partner Witold Balaban commented: “The political will to vigorously address the sovereign debt issues that besiege the European economy seems to be mobilizing. Whatever the outcome, regulatory reform that is not squarely rooted in the reality of the global financial market will be ineffective and will not hasten global economic recovery.”
Read a summary of the event.
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Notes to Editor
1 Latham & Watkins operates as a limited liability partnership worldwide with affiliated limited liability partnerships conducting the practice in the United Kingdom, France and Italy and affiliated partnerships conducting the practice in Hong Kong, Japan and Singapore. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Salman M. Al-Sudairi.