City of London’s Big Bang is turning into a whimper
The ease with which the EU has grabbed control of share trading shows in a 45% drop in volume in a single day
The City of London, for years the world’s dominant financial centre, is facing its biggest reset since the Big Bang of 1986. Those reforms liberalised market trading, making the UK a magnet for banking activity from around the globe. This time the reverse is happening: the rules that shape Britain’s new relationship with the EU mean finance business is leaving the City at an unprecedented clip.
While the lasting effects of Brexit on London probably won’t be known for years, the first business day after Britain’s January 1 departure from the single market was a significant turning point, and not just symbolically...
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