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  • socalbeachdude

    Why a Brexit could ‘kill’ London as a top financial hub

    A U.K. exit from the European Union risks costing the City of London billions of pounds, thousands of workers and its spot as the world’s top financial center.

    That’s the message from players in the financial industry ahead of the highly contentious in/out referendum on EU membership this month, and it all centers on one simple process that’s complex to undo: passporting.

    The mechanism allows British-based financial institutions such as banks, fund managers and insurers to seamlessly sell their services across the 28 EU nations without having to get regulator approval or set up subsidiaries in each member state.

  • socalbeachdude


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