The European Securities and Markets Authority (ESMA) has revealed that a massive number of London-based financial services organizations have obtained licences to operate in other European hubs in preparation of Brexit.
The ESMA chair Steven Maijoor told Reuters that over 100 asset managers, trading platforms and investment firms from the Big Smoke have so far obtained licences to operate across Europe.
Maijoor said such preparations for Brexit were largely an issue for the private sector. He also noted that many companies seem determined to minimize the risk of a no-deal Brexit.
These concerns echo those expressed in a FinTech Global report earlier this week where we looked into whether or not the UK will remain a hotbed for FinTech innovation once the country crashes out of the EU.
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