Just as the British army has Operation Yellowhammer which will come into effect in the event of a 'no deal' Brexit, bankers have their 'B-List'. This is a list of traders on standby to be deployed to other E.U. countries if passporting ends in the event of a no deal on 29th March.
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If Britain leaves without a deal on March 29, these traders will suddenly lose their ability to operate in the E.U. They will, therefore, have to move to other European countries to continue their trading activities. "The fundamental component of a no-deal scenario would be the loss of passporting rights and risking a division in portfolio across different jurisdictions and laws," says Udit Garg, head of wealth management at Sun Global Investments."
MJ Hudson is just one of a number in the asset management space that have set up subsidiaries in Luxembourg or Ireland, the two favored jurisdictions for sidestepping any complications of a no deal Brexit.
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