2.2 Location decisions Consequently, many banks are now considering moving some of their business to the EU. You can read reports about major firms taking new decisions daily – some are true, some are rumours. First, let me say that I expect London to remain an important financial centre.
Nevertheless, I also expect many UK-based market participants to move at least some business units to the EU in order to hedge against all possible outcomes of the negotiations. The question that is causing some excitement is: Where will banks go? As a supervisor, my main concern is that banks are supervised according to standards that are both high and consistent.