Brexit: The Impact on Financial Services

Brexit: The Impact on Financial Services

July 28, 2016, Covington Alert

The UK is currently the largest financial centre in the European Union (“EU”). A large number of global financial institutions have a presence in the UK, both in order to participate in the UK financial market and also as a hub to access clients and markets across the EU. Whatever form Brexit takes, it will have an enormous impact on the financial services industry. The extent of the impact will depend upon the chosen model for an on-going relationship with the EU and transitional arrangements made in the period whilst the UK negotiates arrangements with the EU.