The UK Financial Sector and EU Integration after Brexit: The Issue of Passporting

Schoenmaker, Dirk

doi:10.2139/ssrn.2844253

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The UK Financial Sector and EU Integration after Brexit: The Issue of Passporting

Chapter 5 in 'The Economics of UK-EU Relations: From the Treaty of Rome to the Brexit Vote', edited by N. Campos and F. Coricelli, Palgrave McMillan, London, 2017, p. 119-138.

14 Pages Posted: 4 Oct 2016 Last revised: 11 Dec 2017

See all articles by Dirk Schoenmaker

Dirk Schoenmaker

Rotterdam School of Management, Erasmus University; Erasmus Research Institute of Management (ERIM); Centre for Economic Policy Research (CEPR)

Date Written: November 30, 2017

Abstract

If the UK cannot secure a ‘Norway’ deal and stay within the internal market after Brexit, the UK will lose passporting rights for EU financial services and access to euro clearing and settlement, both of which make London attractive as a financial centre. A substantial part of the UK’s wholesale banking and trading sector may move out.

Keywords: Banking, Insurance, Investment banking, Financial regulation, European Union

JEL Classification: G21, G22, G24, G28

Suggested Citation: Suggested Citation

Schoenmaker, Dirk, The UK Financial Sector and EU Integration after Brexit: The Issue of Passporting (November 30, 2017). Chapter 5 in 'The Economics of UK-EU Relations: From the Treaty of Rome to the Brexit Vote', edited by N. Campos and F. Coricelli, Palgrave McMillan, London, 2017, p. 119-138., Available at SSRN: https://ssrn.com/abstract=2844253 or http://dx.doi.org/10.2139/ssrn.2844253