BBA Europe

The European regulatory agenda is critical for the BBA’s members. Following the financial crisis a substantial reform programme has been implemented covering the spectrum of banking activities and market infrastructure. Given much of this originates from the EU, the BBA engages constructively with EU institutions to make the case for the Single Market and growth-focused regulation that increases financial stability, combats protectionism and helps ensure the competiveness of the banking sector that operates in the UK.

The UK’s place as the world’s leading international financial centre cannot be taken for granted. As competitors continue to grow and liberalise their markets the EU must take into consideration the changing nature of global competitiveness. With our members, we work closely with counterparts in Europe and in the business community to engage effectively with stakeholders to ensure awareness of these issues are high up on the agenda.

Facts and figures:

  • The UK financial services sector contributes nearly 5 per cent of UK growth, earning £25 billion annually for UK international trade
  • Over a third of the UK’s surplus in financial services comes from trade with EU countries
  • The financial services sector accounts for around £510 billion of EU gross value, nearly 6 per cent of total EU economic output and employs around 6.6 million people
  • A high proportion of financial market activity in the EU is located in the UK. London and the UK have a leading share of trading in interest-rate OTC derivatives (74 per cent of EU total, foreign exchange turnover (74 per cent), management of hedge fund assets (85 per cent) and private equity funds (42 per cent)
  • The EU is the biggest single market for UK exports of financial services, generating a trade surplus of £16.6 billion – 37 per cent of the UK’s total trade surplus in financial services in 2012
  • The UK’s financial services trade surplus with the EU has more than doubled over the past decade

Key contact

Ashley Dorrington
Head of EU Affairs