International Financial Centres: developments in post-BREXIT banking in London and the
Emergence of Polynodal financial centres
Unlike the Global Financial Crisis of 2008/9, BREXIT is more of a regional shock primarily impacting
the United Kingdom with the full economic and political ramifications still to emerge especially
considering the ongoing political uncertainties.
One of the most important sectors of the UK economy being impacted by BREXIT is the financial
services industry mainly based in the City of London which (still) is also the key financial centre of the
EU. Financial services contribute around 7% of UK GDP and directly employ around 1.1million people.
In view of the importance of financial services, this presentation considers the role of the City of London
after BREXIT and will focus on – (i) whether London can maintain its role as an international financial centre post-BREXIT and how:
London becoming a ‘Singapore on the Thames’?
(ii) how UK and third country London-based financial institutions are practically preparing for BREXIT
whilst trying to maintain full access to the EU markets: the debate around ‘passporting’.
(iii) the role of EU institutions in consciously ‘decoupling’ London as a financial centre from the EU, one
its largest markets, a development largely unprecedented in history
(iv) the BREXIT process contributing to the dispersal/(re)location of financial services across Europe
and indeed globally assisted in part by AI and alternative forms of banking and financial services,
notably fintech?
(v) the current hierarchy & geography of global financial centres is changing as the traditional
dominance by a limited number of cities like London declines and we witness the emergence of a
polynodal set of interconnected competitive financial centres within Europe and globally.
About the speaker
Dr Jean-Jacques van Helten is currently a Visiting Fellow at the Robert Schuman Centre for Advanced
Studies, European University Institute in Florence and formerly the Managing Director & Chief Risk
Officer, EMEA for the Bank of Montreal (BMO) Financial Group, one of Canada’s largest banks. For
well over 30 years, he has worked in a range of senior executive risk management, capital markets &
corporate lending roles in major investment banks in the Netherlands, Australia, Hong Kong and the
United Kingdom. Prior to taking up his role at BMO, he ran credit and market risk management at the
Commonwealth Bank of Australia’s institutional bank in Sydney and before then, he was the Head of
Global Funding and Portfolios at the National Australia Bank in Melbourne, Hong Kong and in London.
During his career across three continents, Jean Jacques has built up a deep understanding of financial
regulations and capital markets, asset/liability management, funding and liquidity, market & operational
risk management. He is a frequent speaker on risk management at international conferences. He has
a PhD in Economic History from London University and studied at the Goethe Universität, Frankfurt and
the Freie Universität, Berlin, having also been a lecturer and Fellow at the University of London, La
Trobe University and the University of Cape Town.