09.09.2022

Finance Pays Tribute to Queen Elizabeth II

09.09.2022
Shanny Basar
Finance Pays Tribute to Queen Elizabeth II

FIA and ISDA are consulting with market participants in case markets close during the mourning period for Her Majesty Queen Elizabeth II and the Bank of England has delayed the meeting of the committee which sets interest rates.

FIA

FIA, the global trade organisation for the futures, options and centrally cleared derivatives markets, said in a statement:

“FIA joins the U.K. in mourning the loss of Queen Elizabeth II and has begun discussions with market participants in the cleared derivatives industry about the potential of market closures in observance of her passing.

“We are deeply saddened by the passing of Queen Elizabeth and extend our condolences to all of FIA’s members and friends in the United Kingdom,” said FIA’s President and CEO Walt Lukken. “The Queen was admired around the world, and leaves a legacy of public service that everyone can admire no matter which country they call home.”

FIA is currently consulting with stakeholders in the cleared derivatives industry to determine what implications, if any, there are for our markets. We will update our members or provide resources with guidance during the mourning period as needed.  Please visit FIA.org for additional market information as it becomes available.”

ISDA

International Swaps and Derivatives Association said in a statement:

“ISDA is deeply saddened by the death of Her Majesty Queen Elizabeth II. The Queen’s commitment to public service was unwavering and awe-inspiring throughout her 70-year reign.

We send our deepest condolences to the entire royal family.

ISDA is aware that a national day of mourning may be announced and will keep members informed as further details become available.We will schedule working group discussions if required at an appropriate time to collate information about the precise nature of the national day of mourning and its potential impact on derivatives contracts.”

Bank of England

The Bank of England’s staff wish to express their heartfelt condolences to the Royal Family, following news of the death of Her Majesty Queen Elizabeth II.

Governor Andrew Bailey said: “It was with profound sadness that I learned of the death of Her Majesty The Queen. On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family.

For most of us, she is the only head of state we have ever known, and will be remembered as an inspirational figure for our country and the Commonwealth.”

The building at Threadneedle Street will fly a flag at half-mast as a mark of respect.

As the first monarch to feature on Bank of England banknotes, the Queen’s iconic portraits are synonymous with some of the most important work we do. Current banknotes featuring the image of Her Majesty The Queen will continue to be legal tender.

A further announcement regarding existing Bank of England banknotes will be made once the period of mourning has been observed.

September 2022 meeting of the Monetary Policy Committee

In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week. The Committee’s decision will be announced at 12pm on 22 September.

Miles Celic, chief executive of The City UK, the industry-led body representing UK-based financial and related professional services, said:

Dame Anne Richards, chair of TheCityUK, said:

“On behalf of TheCityUK and our members across the UK-based financial and related professional services industry, I am deeply saddened to learn of the death of Her Majesty Queen Elizabeth II, and extend our condolences to the Royal Family.

“The Queen devoted herself to a lifetime of service and duty, and our industry joins the rest of the nation today in mourning the passing of a remarkable woman and important figurehead for the UK.”

As a mark of respect, TheCityUK has postponed its events for the coming 10 days.

Lord Mayor of the City of London Vincent Keaveny said:

“This is a moment of immense sadness and mourning for the nation, but it is also a time to reflect on Her Majesty The Queen’s momentous reign. It was a reign which was characterised by an unfaltering commitment to public service.

Her Majesty has provided a symbol of unity and stability through the unprecedented changes in recent history. As the City stops to mourn and reflect, we join together in sending our sincerest condolences to the Royal Family.”

Chris Hayward, chairman of City of London Corporation Policy, said:

“This is a deeply sad moment for the United Kingdom and for millions of people across the world. Our thoughts are with the Royal Family at this time.

Her Majesty served the country and Commonwealth loyally and with distinction through the course of her reign. She provided a firm foundation for the nation through times good and bad during her long and distinguished life.

The City joins together in sending our sincerest condolences to the Royal Family and paying tribute to our longest-reigning monarch.”

Association for Financial Markets in Europe, which represents Europe’s wholesale financial markets:

The International Capital Market Association, which represents financial institutions active in the international capital markets:

The Financial Markets Standards Board, a practitioner-led standards setter:?

The Investment Association, which represents UK investment managers managing over £9.4 trillion:

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