Brexit: potential impact on the UK's banking industry

The outcome of the referendum on the UK's membership of the EU will have a significant impact on the UK's banking industry. Brexit will challenge London's role as the venue of choice for global firms to conduct their European business. Whether it survives such a challenge depends in part upon the deal that the UK manages to negotiate on exit, and in part upon London's legendary ability to reinvent itself where necessary.

This article (which is based on an Ashurst client briefing) considers the technical impact of Brexit on the banking sector, covering issues including access to markets and the potential loss of passporting rights, implications for resolution requirements and the potential effects on transaction documentation.