The United Kingdom’s departure from the EU’s Single Market will, by its very nature, affect the shape of Europe’s future financial market architecture. Non-bank financing of the euro area 4/6  BIS central bankers' speeches  economy is no exception to this, particularly given the substantial role played by London as a financial hub for European capital markets.
Planning by the financial industry suggests that Brexit may result in a substantial relocation of activity to a number of different euro area countries, which may lead to a multi-centric European financial system.