BIS finds Brexit dented London’s financial ‘pre-eminence’

London skyline at sunset

London is still a major financial hub but the UK’s exit from the European Union has been bad for the derivatives and banking business, research by the Bank for International Settlements finds.

Jakub Demski, Robert McCauley and Patrick McGuire use the BIS triennial derivatives survey data to estimate how London has been impacted by the 2016 Brexit vote, and the UK’s ultimate departure from the EU in 2021. In a bulletin article, the authors note Brexit left UK firms without a “passport” to

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