A last-minute deal just before Christmas between Britain and the European Union helped ensure there was little disruption in financial markets after Brexit on January 1, even though the agreement included few details about how financial services will be affected. "We had four years to plan for this," said one senior banker. "So all of the relevant systems, all of the relevant licences, and all of the relevant capabilities have been in place for some time." Rather than having to "flick a switch" at the start of the year to comply with the new regulatory situation, the banker said institutions were well prepared and had been testing their post-Brexit models and resilience for some time.
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