Britain's financial sector is watching nervously as the prospect mounts of a"no-deal" Brexit, stoking fears of lost clients and influence in key areas, as well as market turbulence.
The EU has already given the go-ahead for derivatives clearing houses, which underwrite more than a trillion dollars in transactions every day. EY said finance companies have also transferred more than £1.2 trillion in assets to the EU since Britain's referendum on EU membership in 2016. Otherwise, they could give up certain clients or activities that would become just too costly or risky, said Simon Gleeson, from law firm Clifford Chance., which has created a difficult trading environment of low or negative interest rates.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: