New York clearing could be major Brexit winner

Author: John Crabb | Published: 3 Oct 2018

Clearing houses in New York, across the US and further afield in Singapore and Honk Kong may well be the eventual winners of the UK’s eventual separation from the EU, suggest sources close to the issue.

Jacob Funk Kirkegaard, senior fellow of the Rhodium Group, told attendees at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting earlier this week in Washington DC, that the city may well become a dominant force once London relinquishes its hold as the world’s major financial centre next March.

"From the financial service centre of New York, Brexit is probably a big game. We talk a lot about the migration of jobs to the main locations, but as global firms weigh up where to locate  activities, further consolidation in New York and basically downgrading the entire presence in London and the rest of the European market is probably going to be...