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By Antoine KREMER, ABBL
Although the UK already left the EU a year ago, for practical purposes Brexit happened only on 1 January of this year. For an event that has been building up for 4 ½ years, it was rather underwhelming. No financial markets crash, no end of the world. This pays homage to the level of preparedness of financial institutions. Even from EU officials I can read a “well done” between the lines.
One element of this preparedness is that there was nothing to be expected from the last-minute EU-UK trade and cooperation agreement (TCA). For sure there is a chapter on financial services, but as expected it is as light on content as if there was none. The highlight is a paragraph committing the Parties to implement internationally...
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