Summary of Brexit and the European Financial System

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Brexit and the European Financial System summary
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London has long been a preeminent center for global finance, but financial firms based in the United Kingdom will lose their access to the European Union once Brexit is complete. Banks, trading exchanges, clearing houses and the cadre of professional services that support these activities will need to set up operations on the Continent, but where? Researchers Uuriintuya Batsaikhan, Robert Kalcik and Dirk Schoenmaker posit that a better-integrated European Union could accommodate financial hubs in multiple cities. getAbstract recommends their informative succinct analysis to officials and financial executives concerned with planning a smooth transition.

About the Authors

Uuriintuya Batsaikhan, Robert Kalcik and Dirk Schoenmaker are work at Bruegel, a European think tank.



London eclipses other world-class cities in Europe for its number of foreign-registered financial institutions covering the gamut of industry activities: corporate and commercial banking, securities trading and clearing, and their legal, consulting, audit and technology support services. London-based firms will need to move some 35% of their wholesale business to the remaining European Union member countries (the EU27) following Brexit.

Better-integrated EU financial markets could function through multiple hubs. Frankfurt, Paris, Dublin and Amsterdam are the...

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