Chris

I really have no idea why so many people are getting so wound up over this. London is one of the world's major financial hubs, quite possibly *the* financial hub, dealing with vast flows of capital in an equally vast number of currencies and territories, almost all of which are not in the European Union. Banks whose base of operations are in London place satellite offices wherever they require them, to facilitate business and to satisfy local regulations. Without "passporting" rights into the EU, banks based in London wishing to continue dealing in Euros in the Eurozone will have to place an office with staff inside the zone. Big fat hairy deal: this does not mean they're going to up sticks and move their entire operation to Frankfurt at the same time. In fact, as Barclays has just shown, Frankfurt has no right to expect to be the natural choice for any of it. Dublin speaks the same language and is in the same time zone as London. Clearly that counts for something.