Many clearing houses must start executing for Brexit three months before the March exit. This made worse because so many Brexit supporting Brits cannot even accept the massive penalties and job losses they deserve for voting for Brexit. So companies have even more incentive to get out of Britain.
Some 30 institutions are planning a move to Frankfurt; moving almost $1 trillion in assets. HSBC will move to Paris. Bank of America and Barclays will move to Dublin. Many insurers and asset managers are moving to Luxembourg including (I have heard) Citibank. Amsterdam may get the London Stock Exchange Group and CBOE Global Markets.
These are only the many who must make the move before Brexit. A large number of other institutions must slowly move out over the next ten years.
From The Economist:
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The problem ... they are so preoccupied by crisis management - getting the deal over the line if you are Ms May, engineering a general election if you are Mr Corbyn, or salvaging "true Brexit" if you are a Brexiteer - that they haven'y got any time to think about what actually caused the crisis. The greatest tragedy of Brexit is that it is consuming the solution to the problems that cause the volt to leave in the first place.
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