Financial services profit centres have continued hiring in London. The mass exodus to the EU seems to have failed to materialise. Few people in this industry seem particularly worried about brexit other than the impact it has on the wider market. Obviously everyone wishes it hadn't happened, but the consensus seems to be that it will be fine.
The services that are potentially being forced to open up EU offices are mostly the cost centres, which are very commoditised anyway and have been increasingly automated over the last decade.
Although the EU have said something about not being able to just have a registered office in the EU for the sake of regulation, so far they haven't really explained how they're going to enforce that. Especially as they've been moving in the direction of allowing greater third country participation in their financial system in the first place. It would be difficult allowing the US to participate while trying to block the UK.
Besides, when a computer is making the decision, what does it even mean to have the "decision maker" based in Europe?
The services that are potentially being forced to open up EU offices are mostly the cost centres, which are very commoditised anyway and have been increasingly automated over the last decade.
Although the EU have said something about not being able to just have a registered office in the EU for the sake of regulation, so far they haven't really explained how they're going to enforce that. Especially as they've been moving in the direction of allowing greater third country participation in their financial system in the first place. It would be difficult allowing the US to participate while trying to block the UK.
Besides, when a computer is making the decision, what does it even mean to have the "decision maker" based in Europe?