It's the opposite actually. The specific activity that tends to be talked about here is Euro clearing. London clears transactions in currencies from all over th

It's the opposite actually. The specific activity that tends to be talked about here is Euro clearing. London clears transactions in currencies from all over the world, including US Dollar and Renminbi transactions. Nobody cares about this because it's just not a big deal. Except the EU, which has some weird hangup about having euro clearing be physically done in the eurozone. Note that the EU has already tried to force this business out of the UK even before Brexit. The UK Government took the Commission to court and pointed out that their new regulations blatantly violated the EU's own commitments around discrimination, and won. http://www.wsj.com/articles/u-k-wins-court-case-with-ecb-on-euro-clearing-1425462219 http://www.wsj.com/articles/u-k-wins-court-case-with-ecb-on-... The EU is no friend of the UK, or bankers. They see finance workers as resources to be fought over and pumped for tax revenue, nothing more.