Blackrock, have decided to stay in London – skyscrapers in Calais?
Blackrock, the world’s largest fund manager have just made a crucial Brexit decision, they have decided to stay in London.
This again illustrates that for financial services London is a global city and does not have an EU alternative. This falls loosely under the same thinking that questions treatment of derivative contracts that mature after the Brexit and has concluded that it will be more of problem for EU counterparties as much as for clearing houses in London.
My guess is that the Eurostar route will become very important for global financial services companies that have to be based on EU soil. Can we expect direct Eurostar routes to become a linear extension of London financial services to cater for EU regulatory demands for EU manned headquarters? Will we see skyscrapers in Calais, just over two hours from St Pancras station and a further property boom in Ashford between London and Calais?