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Financial Times - Patrick Jenkins -

Bankers are not known for their patience. Finance relies on speedy interaction with the markets. Traders are used to reacting to news within seconds. So it is pretty astonishing that the City of London's financial services industry held its collective tongue for so long. For nigh on a year after the UK voted for Brexit in June 2016, few banks challenged the government's unofficial request to keep a low profile over the issue.

They have made up for lost time over the past few months. Once Standard Chartered, an emerging markets bank with a tiny EU business, announced it would establish a subsidiary operation in Frankfurt, others soon followed with their own announcements of post-Brexit plans involving the set-up of new subsidiaries and job moves from London to other EU financial centres.

The reason? Once Britain leaves the EU, it will leave the single market for goods and services. Without some kind of replacement deal, that means the end of the City's role as a hub for doing cross-border business with clients across the EU, through the "passporting" of services from a regulated UK entity.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sun Oct 22nd, 2017 at 07:47:08 PM EST

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