City of London Policy Chair visits US to discuss post Brexit relationship

City of London Corporation Policy Chair Catherine McGuinness travels to the United States on Monday (26 November) for meetings with high level government officials, regulators and industry representatives.

The two-day visit, which comes at a crucial moment in the Brexit negotiations, will explore how the US and UK can strengthen transatlantic ties, and deepen integration of their financial markets to boost trade and investment in view of a potential longer term cooperation mechanism, such as a free trade agreement.

It will also explore how both countries can establish shared leadership in the development of global financial standards, following the launch of a report earlier this year by the International Regulatory Strategy Group calling for improved global regulatory coherence.

Beginning in New York, the Policy Chair will hold meetings with the UK Trade Commissioner, the CEO of the Institute of International Finance and representatives from the Securities Industry and Financial Markets Association.

Travelling to Washington, McGuinness will meet with several high-profile figures, including United States Trade Representatives for Europe Dan Mullaney and Tim Wedding, the Vice Chairman of Supervision at the Federal Reserve Randal Quarles and the Chairman of the Commodity Futures Trading Commission Chris Giancarlo, following his speech earlier this year at Guildhall.

City of London Corporation Policy Chair Catherine McGuinness said:

“The US is a hugely important trading partner for the UK, accounting for roughly a quarter, or more than £16 billion, of all trade in financial services.

“During my visit I’ll be exploring how we can tighten regulatory and supervisory relationships to further increase this trade, and lay the foundations for an ambitious future trading relationship, possibly in the form of a free trade agreement.

“I’ll also be highlighting how the UK and US can provide leadership in creating international standards for financial services, in order to drive growth, choice and reduced costs in the global industry.

Securities Industry and Financial Markets Association President and CEO, Kenneth E. Bentsen Jr, said

“SIFMA, alongside our European sister organization, AFME, enjoys a long-standing relationship with the City of London Corporation which we value greatly.

“I am looking forward to Catherine’s visit and sharing perspectives on a wide range of issues facing the international financial services industry.

“The visit will also allow us to strengthen the foundation for future collaboration, particularly around the prospective U.S.-UK relationship in financial services post-Brexit.”

The United States is the UK’s largest single country trading partner, and the country’s largest export market after the European Union. As a single country it is also Britain’s largest source of foreign direct investment (FDI), and the largest destination for FDI abroad by British firms. It is a priority market for the City of London Corporation’s overseas programme of engagement.

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.

For more information contact:

Nathan Rodgers

Financial Services Media Officer, City of London Corporation

Tel: 44 (0) 7864 625086