* * *  Introduction It is a pleasure to be invited to Chatham House to discuss Brexit and global capital markets.1 In my remarks today, I would like to first turn to history to better understand the emergence of centres for capital. I will then touch on what Brexit may mean for the ‘City of London’ as a global market for capital.
It was always understood that financial integration could have both stabilising and destabilising effects.3 Some of the main stabilising effects were expected to come from increased portfolio diversification.