OUT-LAW should stick to law & forsake economics
Organisations (IFS! OUT-LAW!) should stick to their knitting and not poke their noses outside the parapets of their own know how. Bank passporting has to do with *retail* markets, which comprise a whole 1% or so of UK banking activity in Europe, if even that much. Wholesale banking, the stuff in the UK that we call "The City", is the other 99% and can happen anywhere. Indeed, wholesale banking in euro (dollars, GBP, Renminbi, etc) happens in NYC, Hong Kong, Singapore, Sydney etc and there's absolutely nothing the EU can do about that. Nor would they want to as it provides critical liquidity to financial markets. To deny London the ability to do trades/deals/stuff with euro means Brussels would have to deny HK, NYC etc and this is simply not possible. When people or organisations want to do business, they do it where they wish (with proper rule of law, contract regs, etc) not where they're told to. The IFS and OUT-LAW should be competent enough to have known this but obviously not. Perhaps they should stick to their knitting and leave economics to the experts.