City of London rolls up its sleeves looking to the future

Chief Executive of the US-based firm MarketAxess, Rick McVey, told the Financial Times online that he anticipates UK regulation will be similar to that of the EU and that all efforts will be made to keep London at Europe's financial heart. 

Mr McVey said that the move to Europe was a regulatory problem for the banks in particular, adding that market volumes would only increase with fragmentation. The message is in line with the behaviours of a number of market infrastructure platforms that have focused their European operations in London. 

Other parties are considering moving to the continent in an effort to hold onto their ties with the EU's single market.

While it is hoped that financial services in Britain could keep passing operations in Europe, other organisations, such as BATS Europe, may have to work out their regulatory standing in Europe before Britain finally pulls up the drawbridge.

An individual at the centre of matters has divulged that plans started being put together towards the end of 2015 to work out a "qualitative" approach, although these are uncharted waters for regulators in the UK capital. 

But in a world in which the flow of money has little truck with the existence of national borders, some feel law changes could be kept to a minimum, a sentiment that is helping to dilute any drives into mainland Europe.

In the wake of the Brexit vote, workers at interdealer broker, Tullet Prebon, were notified that the result held no major implications for the "organisation, regulatory environment" and location of the "global HQ or for where our employees are based", the Financial Times online reported. Other institutions are also thought to be keeping the bulk of their business in London.