Stéphane Boujnah told the Financial Times that at present 30-45 per cent of trading in euro-denominated assets is done out of London, which is only acceptable while the UK is part of the EU and the single market.
“The moment London stops being in the single market, this [dominance in euro-denominated trading] becomes an anomaly, and as with any anomaly regulation will appear to limit those businesses,” he said. [...]
Mr Boujnah said that in the event of the UK leaving the EU, there will be “significant consequences” and many banks will end up moving personnel and operations to the eurozone, for example to Paris, Amsterdam or Dublin.
“Some organisations moving screen-facing jobs might find Dublin very attractive, but people who need to be closer to clients or sources of assets will consider Amsterdam and Paris,” he said. [...]
Mr Boujnah said there could be other consequences for the City of London should voters decide to leave the EU, raising questions about the proposed merger between London Stock Exchange Group and Deutsche Börse. [...]
“Some shareholders [of Deutsche Börse] might want to further analyse the impact on LSE should Britain leave the EU … Being inside the single market is not the same as being outside the single market,” Mr Boujnah said.
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