The United States dominates global investment banking: does it matter for Europe? Bruegel Policy Contribution 2016/06, March 2016

In the aftermath of the global financial crisis, the market share of US investment banks is increasing, while that of their European counterparts is declining. We present evidence that US investment banks are on the verge of taking over pole position in European investment banking. Meanwhile, since 2015, Chinese investment banks have overtaken American and European investment banks in the Asia-Pacific market. Credit rating agencies and investment banks are the gatekeepers of the capital markets. The European supervisory institutions can effectively supervise the European operations of these US-managed players. On the political side, we suggest that the European Commission should continue to view its, albeit declining, banking industry as a strategic sector. The Commission, the European Central Bank and the Bank of England should jointly develop a strategic agenda for the EU-US Regulatory Dialogue. Finally, corporates rely on investment banks to issue new securities. We recommend that the big European corporates should cherish the (few) remaining European investment banks, by giving them at least one place in otherwise US- dominated banking syndicates. That could help to avoid complete dependence on US investment banks.

Alegatos que presentan ante la Suprema Corte de Justicia de la Nación las siguentes compañías y personas, Compañía Transcontinental de Petróleo S.A., International Petroleum Company, Huasteca Petroleum Company, Tuxpan Petroleum Company, Compañía Mexicana de Petróleo S.A., Tamiahua Petroleum Company, Señores Doheny & Bridge, The Texas Company of México, La Atlántica, New England Fuel Oil Company, Pánuco-Boston Oil Company, Mexican Gulf Oil Company, Continental Mexican Petroleum Company, Gompañía [sic] de Petróleo "La Corona", Compañía Petrolera Tal Vez, Compañía Terminal de Productores, Scotish [sic] Mexican Oil Company, Charles F. de Ganahl, El Azadón Company, Soledad Oil Company, Piedras Development Company, Tancochin Oil Company, Lot Seventeen, Malcon Anderson Company, George L. Christie, Seabord Fuel Company, Tamalin Oil Company, Juanedo Oil Company, Compañía Indiana y El Tigre, Compañía Agrícola Pretrolera [sic] Mexicana, Compañía

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