Second: the change in money demand is one of the most difficult to decipher. Looking ahead, these shocks may even augment in number and magnitude – as has been the case in the US and elsewhere in the past – which would make filtering and reading the signals coming from money a difficult undertaking.
Individual investment firms therefore account for many times the existing overall market in Germany. Let me conclude here with a caveat: This is only a snapshot for day one and certainly not the end of the story. The figures may further develop depending if a hard Brexit will happen or not and how the future relationship between the UK und EU will be shaped.