Brexit: What Does It Mean for London Bankers?

The video discusses the uncertainty surrounding Brexit and its implications for UK banks, particularly focusing on the EU passport system and its significance. It explores the potential loss of passporting rights, the debate over euro clearing houses, and the legal and business adaptations that may be required. The discussion includes the possibility of adopting the Norwegian model and the impact of new EU directives.

What is the current status of the UK in relation to the EU as discussed in the video?

• The UK has never been part of the EU.

• The UK is part of the EU but not subject to its laws.

• The UK is still part of the EU and subject to its laws.

• The UK has already left the EU.

What is the 'passport' in the context of financial services?

• An ability for firms in EU or EEA states to offer services across the EU without additional licensing.

• A document required for international travel.

• A permit for UK banks to operate in the US.

• A license to operate in the UK only.

What would happen if the UK lost the financial services passport?

• UK banks would need to seek licensing in each EU country.

• UK banks would automatically gain access to US markets.

• UK banks would only need licensing in the UK.

• UK banks would not be affected at all.

What is one potential model the UK might adopt to maintain some EU market access?

• The Canadian model

• The Australian model

• The Norwegian model

• The Swiss model

What are the potential implications for businesses if the UK loses the passport?

• Businesses may not need to change anything.

• Businesses will have to completely shut down.

• Businesses will automatically gain more EU market access.

• Businesses will only need to adapt their wholesale operations.