Ringfencing burdenRooney said failure to secure a favorable deal for financial services could lead to Morgan Stanley relocating staff elsewhere in the EU. Certainly our view is that London will remain one of, if not the most, eminent financial centres in the world. "If we don’t get some sort of satisfactory access to the EU then we as a market will have no choice but to set up in the EU," Nelson said. Otherwise the horse will have bolted before we shut the door.”Bardrick stressed the need for a long transition after the end of the two-year Brexit negotiation period. "A bridge is essential," otherwise, “I wonder whether the industry is able to get there safely," he said.

Source: The Edge Markets October 11, 2016 13:52 UTC