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Giving Brexit a spin

Daniel Mayer examines the complex intricacies of the fundamental review of the trading book.

The UK financial services industry as a whole has benefitted from EU membership. Continental markets have been opened to UK competition and US and Asian financial institutions have invested heavily in the UK as a gateway to Europe.

What impact the UK’s break with the EU will have on UK financial services will depend on what happens in three distinct but interconnected areas: the UK’s future relationship with the EU; the UK’s future relationship with the rest of the world and the UK’s own domestic policy choices.