While the shock remains, the world of commerce and banking is getting ready to pick up the pieces. One major candidate for benefitting from Brexit is obviously Frankfurt, a historically leading finance place – but that will not go un-battled.
HSBC already announced that it would move to Paris, where it owns a domestic bank. And obviously Luxembourg is in the running. And so is Dublin, which is English speaking and a place with a known fun-factor.
Already a day after Brexit the numbers for jobs moving away from London are predicted to be 100k and more. But where would they go – and why?
FCA (FSA) regulated businesses could have a good reason to evaluate the regulatory and legal frameworks across Europe but should also bear other factors in mind, such as IT regime, flexibility and approachability of the regulator (which does not mean its easier – its just better when you have a counterpart who is business-oriented and supportive). And of course the labor market is equally important. And then: how to get there. An off-shore island down south might be the right place for certain businesses, but most benefit from a location in the heart of Europe. Further – does the location allow to do business with many other countries or is there a cultural barrier?
The network of experts of CoCoNo can help to find the right answer to these and other strategic questions around Brexit.
CoCoNo´s network of experienced specialists can help with a results-oriented, get-it-done approach to obtaining payment licenses in EU jurisdictions, development and implementation of alternative Strategies to FSA and related topics.
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