Partner Barney Reynolds (London-Financial Institutions Advisory & Financial Regulatory) was interviewed in a podcast by the Financial Times discussing Brexit options. Now two months after the historic vote, Barney examines how Brexit affects financial institutions and what the City's largest financial market participants would or should like the government to negotiate in terms of access to the single market.
Reynolds notes that things may not be as dire as they seem — there are "hooks" that the UK can use right now to ensure continuity in process once the UK leaves the EU; much of London's financial dealings are within the UK borders or can be adjusted to be made non-cross-border; and a technical — not political process — will give the UK access to the EU market as a non-EU "third country" (joining the ranks of US, Mexico and Singapore, for example) in the same way the passport system did previously. Barney also discusses what he thinks the British partnership with Europe will look like during the transitional period and going forward.
Listen to the full podcast, Brexit options, Deutsche Bank and US mortgage insurance.