This post reacts to the news yesterday that the E.U. is developing plans to house the massive €1.2 trillion ‘clearing’ market wholly within its jurisdiction post-Brexit, putting the City of London’s position as leader in this market in great peril. In this post we will review the obviously formidable response – including citing global systemic risk – but we shall also look at the underlying tone of the E.U.’s attempted move and what, in reality, it means for Britain as it heads, tepidly, into its negotiations with the E.U. over the terms of its secession – it seems the ‘ freedom ’ that was promised can only be achieved at the same time as experiencing remarkable loss and, assuming that “Leave” voters want to continue experiencing the trappings that come with a prosperous nation, everything will pretty much stay the same as before, except for one crucial difference. In terms of the actual substance to yesterday’s news, it is prudent to start off with a basic understanding of wh...