Frankfurt Main Finance continues to grow: six new members join the Financial Centre initiative

Frankfurt am Main – The financial centre initiative Frankfurt Main Finance is proud to welcome six new members, raising the membership number to 60. PricewaterhouseCoopers (PwC), The Boston Consulting Group, CBRE GmbH, Frankfurt School of Finance & Management and Norton Rose Fulbright LLP join as sustaining members. In addition, Werthstein GmbH joins as a FinTech member.

Frankfurt Main Finance leverages the influence of its now 60 members –  representatives from Frankfurt’s financial sector, research institutes, public administration and the flourishing FinTech sector –  to advocate for the Financial Centre Frankfurt and provide high-calibre dialogue platforms. Through their membership and engagement, all members demonstrate their close relationship to Frankfurt and desire to position Frankfurt amongst the top international financial centres.

We are excited to welcome the new members. Their commitment to the Financial Centre Frankfurt and our continuous growth in membership reflects a high recognition for our daily efforts to represent and position the Financial Centre internationally,” says Dr. Lutz Raettig, President of Frankfurt Main Finance. “This growth strengthens the association and lends more power to our voice – a benefit for all members. In turn, we also provide fast, direct access to a prominent industry network.

The new member PwC is active in the areas of assurance, advisory and tax services with 250,000 employees in 158 countries – including the Financial Centre Frankfurt. “Through our membership in Frankfurt Main Finance, we not only want to strengthen our commitment to Frankfurt as Germany’s leading Financial Centre, but also actively contribute to the local community. The location is developing in a highly dynamic manner. We would like to contribute to this positive development and further strengthening of Frankfurt. For this reason, we look forward to the exchange with the initiative’s members, with universities, banks and all other actors in the Financial Centre Frankfurt,” says Clemens Koch, Head of Financial Services and member of the management board at PwC Germany.

As a trusted partner for all real estate topics, CBRE supports real estate investors and occupiers worldwide. Since 1973, CBRE Germany has been headquartered in Frankfurt am Main. “With our membership, we are very pleased to be able to help support the many advantages of the Financial Centre Frankfurt from the perspective of the real estate industry. Numerous project developments offer ever more modern and innovative office space, allowing the skyline to continue to grow. Despite the decreasing vacancy rate, there is still excellent and representative office space available, even for demands for larger spaces,” explains Carsten Ape, Head of Office Leasing Germany at CBRE.

As Frankfurt School of Finance & Management, we effectively have the Financial Centre in our name. As a business school, we set new standards with excellent research – for example in the fields of artificial intelligence, blockchain or sustainable finance. In addition, on our campus we train the specialists and executives needed to ensure that Frankfurt continues to be innovative and successful. A strong Financial Centre is essential for us, which is why we are committed to Frankfurt Main Finance,” says Professor Dr. Nils Stieglitz, President of Frankfurt School of Finance & Management. The research-led business school, accredited by EQUIS, AMBA and AACSB International, offers comprehensive educational programs on finance, business and management topics. Frankfurt School’s Master of Finance is the only finance master offered by a German university in the current Financial Times ranking.

Norton Rose Fulbright LLP is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. “Frankfurt Main Finance is the voice of the Financial Centre Frankfurt. We support the initiative because it effectively positions Frankfurt in national and global competition,” explains Dr. Oliver Sutter, Partner at Norton Rose Fulbright LLP.

As a digital wealth manager, Werthstein offers its clients the opportunity to develop an individualised portfolio that is broadly diversified in terms of risk aspects and specialised in investments in current economic, technological or social trends. “The financial centre initiative Frankfurt Main Finance stands for the openness to innovation and drive that FinTechs bring to wealth management. That is why we are closely associated with the initiative,” comments Felix Röscheisen, general representative of Werthstein GmbH.

 

Eurex Clearing to expand Partnership Program to Repo and Foreign Exchange

Eurex Clearing plans to expand its Partnership Program to cover the repo and OTC foreign exchange (OTC FX) segments. The design of the program extension is complementary to the OTC interest rate derivatives segment, which started in January 2018. As part of its partnership program Eurex Clearing shares governance and economics with the most active program participants.

For the repo segment, the aim of the program is to increase choice and efficiency for market participants in Special Repo and General Collateral instruments and to foster adoption and growth in the dealer-to-client repo business.

The new FX segment of the Partnership Program is designed to deliver the benefits of clearing to OTC FX markets, which are still largely uncleared today. Eurex Clearing is currently working with market participants to be the first major clearing house to offer a comprehensive cross currency swap clearing service.

Market participants can now register their interest to join the new program components for a planned start in Q1/2019. Commerzbank, Deutsche Bank, J.P. Morgan and Morgan Stanley have expressed an early interest to join both new segments – Repo and OTC FX. In addition, Citigroup, DekaBank and LBBW have indicated their interest to participate in the Repo program. Further details of the program extension will be made available to interested market participants in due course.

Erik Müller, CEO of Eurex Clearing: “The extension of the Partnership Program further enhances choice and innovation in the marketplace. Market participants now can tap the full benefits of Eurex Clearing’s integrated value proposition across fixed income derivatives, Repo and FX markets.”

Charles Bristow, Co-Head of Global Rates Trading, J.P. Morgan: “J.P. Morgan has been an early supporter and design partner for the OTC interest rate derivatives clearing segment of the Partnership Program. We welcome the planned extension of this successful program which is aimed at broadening market participants’ clearing options for the new asset classes and increasing resiliency.”

Webniar Moving to Frankfurt

Moving to Frankfurt – What Germany’s financial capital has to offer

If you or your company are thinking about moving to Frankfurt, you surely have a number of questions. Some, of course, concern legal questions, but some others will be of a more practical nature. Practitioners from Dentons in Frankfurt and Hubertus Väth, Managing Director of Frankfurt Main Finance, invite you for a webinar to answer some of your questions. You can register for the Moving to Frankfurt Webinar here.

The speakers of the Moving to Frankfurt Webinar will be:

  • Hubertus Väth, Managing Director, Frankfurt Main Finance
  • Amy Kläsener, Partner, Dentons
  • Bernhard Gemmel, Partner, Dentons
  • Frank Lenzen, Partner, Dentons (Frankfurt)
  • Michael Huertas, Partner, Dentons

Join the event for a fast-paced, one-hour webinar that will bust open some of the myths typically related to living in Frankfurt and doing business within and outside of Germany.

Topics to be addressed include:

  • What’s the lead time to setting up business and residency in Germany?
  • What are the top tips when negotiating a business or residential rental contract?
  • Are German/EU labor market checks required for certain employees and positions?
  • If employed in Germany, how mobile am I across the EU?
  • Why is German employment law geared towards going to court following dismissals?
  • How different is the German and EU financial services regulatory environment, and will I have to comply with double rules?

Date: Tuesday, November 06, 2018

Time: 04:00 PM Central European Time

Duration: 1 hour

Find more information and registration here.

Fall in Love with Frankfurt_Destination Frankfurt

Prejudices, myths and clichés – the underestimated metropolis of Frankfurt: a short film

The Financial Centre on the Main competes with financial centres in Europe and all over the world. Brexit has once again made this clear. The Financial Centre Frankfurt pools many rational arguments when it comes to the settlement of banks and financial services providers, as well as companies from industry and trade. However, as far as the city and region’s image is concerned, there is potential for improvement. Frankfurt still struggles with a pernicious web of prejudices, myths and outdated clichés – flames that are fanned all too often by competitors. Frankfurt Main Finance, will not accept this and has taken up the fight – and produced a short film, Fall in love with Frankfurt. See for yourself here (YouTube)!

The short film is the highlight of the social media campaign Destination Frankfurt. It confronts common prejudices against the city with facts that are often surprising for outsiders, highlights the advantages of the financial centre and positions Frankfurt on the social media channels Twitter, LinkedIn, YouTube and Facebook. All elements of the campaign as well as links to the topics events, academia, nature, infrastructure, FinTech ecosystem and market environment can be found here.

“Frankfurt is always underestimated. One of our main tasks is to tackle this problem and let the facts speak for Frankfurt in London, Tokyo, New York or elsewhere,” says Hubertus Väth, Managing Director of Frankfurt Main Finance. “Destination Frankfurt aims exactly in this direction and fits perfectly into our on-going Brexit campaign. Here, too, we advertise Frankfurt cautiously, letting objective arguments speak for themselves and refrain from attacking competitors. Our success in winning more than 25 banks for the Financial Centre Frankfurt since the Brexit referendum proves us right. But the race isn’t over yet, we’re not even on the home straight.”

Financial Centre Frankfurt, World Alliance of International Financial Centres,

World Alliance of International Financial Centers (WAIFC) launched

On October 1st, 2018, eleven global Financial Centres have launched the World Alliance of International Financial Centers (WAIFC). The new international non-profit association, registered in Brussels, was first proposed by the Financial Centres Frankfurt (Germany), Moscow (Russia) and Paris (France) in December 2016. By 2018, 7 Financial Centres have joined to establish the WAIFC with the aim to facilitate cooperation, exchange best practices across Financial Centres and to foster greater exchange with Public Authorities at the international level.

Who are the founding members of WAIFC?

The WAIFC is comprised of the following founding members:

What are the objectives of the Word Alliance of International Financial Centres?

In an era of breakthrough technologies and rapid social change, Financial Centres are key to sustaining economic growth. Thus, the objective of the Word Alliance of International Financial Centres is to create a transparent network that facilitates cooperation and sharing of best practices to further the understanding of the importance of international financial centers for national and international economies as well as social development.

Moreover, the WAIFC will be project-driven, focusing on the following areas:

  • Data on Financial Centres
  • Contribution of Financial Centres to Green investment & infrastructure
  • New FinTech developments
  • The role of Financial Centres in the financing of the economy

How will the WAIFC be governed?

The newly established World Alliance of International Financial Centres will be headquartered in the Financial Centre Frankfurt. The first General Assembly will be held around December 2018, with the participation of the founding members and additional Financial Centres. The WAIFC’s Board of Directors is composed of the following senior leaders from the founding members:

  • Abdullah Al Salmi, The Capital Markets Authority Oman
  • Arnaud de Bresson, Paris EUROPLACE
  • Said Ibrahimi, Casablanca Finance City
  • Kairat Kelimbetov, Astana International Financial Centre
  • Frederic de Laminne, Belgian Finance Club
  • Jennifer Reynolds, Toronto Finance International
  • Young Ho Park, Busan International Financial City Promotion Center
  • Philippe Richard, Abu Dhabi Global Market
  • Tom Theobald, Luxembourg for Finance
  • Hubertus Vaeth, Frankfurt Main Finance
  • Alexander Voloshin, Analytical Centre Forum Moscow

Arnaud de Bresson, Paris EUROPLACE is the first elected Chairman of the body. Frederic de Laminne, Belgian Finance Club, will take on the role of the Treasurer and Jochen Biedermann, Frankfurt Main Finance, will act as the Managing Director of the newly founded association.

Find more information here.