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EU Financial Market Access After Brexit
Article

EU Financial Market Access After Brexit

Karel Lannoo
CEPS, 2016
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Editorial Rating

7

Qualities

  • Analytical
  • Eye Opening

Recommendation

The consequences of the United Kingdom’s decision to leave the European Union will reverberate far and wide, but particularly within the financial services sector. Once Brexit is complete, UK-sited financial firms will no longer be able to operate freely throughout the EU. They will need to uproot their business from the City of London and reconfigure their operations within the EU in a process that looks to be long, tortuous and costly. Karel Lannoo, CEO of the Centre for European Policy Studies, captures the enormity of this effort in a succinct but dense analysis. getAbstract recommends his sobering report to financial professionals and policy makers.

Summary

As the European Union’s “wholesale financial center,” the City of London provides financial services for corporations, institutional investors and governments in the EU. Some 358 banks and numerous insurers, institutional investors, specialized finance companies and hedge funds call London home. The City also leads in the growth of fintech companies and hosts the EU’s largest stock exchange and its most established derivatives market. Many service providers to the industry, such as law firms and ratings agencies, have their EU regional offices in London, as do data...

About the Author

Karel Lannoo is the chief executive officer of the Centre for European Policy Studies.

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