That is why I expect a growing number of firms to transfer their operations from the UK to continental Europe even before negotiations have been finalised. There will not only be just one city which attracts these companies. Cities such as Paris, Dublin, Luxembourg and, of course, Frankfurt will complement one another in terms of the value they add.
And, in my personal opinion, Frankfurt has quite a few major selling points to offer. Looking at current asset valuations, markets appear to be taking the political risks in stride. Going forward, this behaviour might very well continue with markets only adjusting once it looks like politics will impact on the fundamental outlook.