Those questions stand to become more abundant as the European authorities mull whether to require
that so-called clearing — settling up the money — on trades involving the euro currency take place within the European Union.
“Anything involving sales and trading in European currency or to European customers is exposed,”
says William Wright, founder of New Financial, a London-based research institution.
“The U. K. government’s primary objective was effectively a demonstration of the City of London
and the U. K. legal and regulatory and tax system being open for business,” says Richard O’Callaghan, a partner at the law firm Linklaters, who advised the British government on the bond issue.
Worldwide, Islamic banks — those run on the principles of Shariah — were stocked with about $1.4 trillion
in assets in the first quarter of 2016, according to the Islamic Financial Services Board.
Banks are already configuring plans to move significant numbers of people to other financial centers within the European Union, ensuring
that trading can continue without a hitch after Brexit is complete.
Mr. Macron — a former Rothschild investment banker — is keen to win finance jobs for Paris.
Brexit’ Imperils London’s Claim as Banker to the Planet -
By PETER S. GOODMANMAY 11, 2017
LONDON — From a skyscraper in Canary Wharf, the once-bustling cluster of docks transformed into a global banking
center, traders at Citigroup’s regional headquarters move unfathomable sums of money around the planet.