Frankfurt: a financial hub post-Brexit?
20 June 2018 Lisbon
Image: Shutterstock
At the International 麻豆传媒 Lending Association鈥檚 (ISLA) 27th Annual 麻豆传媒 Finance and Collateral Management Conference, discussions were abound over whether Frankfurt would become the new European financial hub, post-Brexit.
Panellists debating Brexit offered multiple opinions on this, with some arguing that an industry move is a tough project, while others opined that there was little to no alternative.
One panellist explained that convincing people to move to Frankfurt will be 鈥渄ifficult鈥�, with a 鈥渢op to bottom review鈥� of all processes.
The panellist said that this would not be an easy process, as 鈥渁nything that big has a lot of complexity to it鈥�.
Another panellist added that it was unlikely that 鈥�100,000 bankers鈥� would move the Frankfurt, but noted that various firms have been setting up 鈥渋nterim solutions鈥�, where they set up an office with 鈥�15 people and a server鈥�.
The panellist said that these interim solutions are causing 鈥渢rust issues鈥�, as the European Central Bank was expecting 鈥渓arge groups of employees to come over鈥�.
He said that UK firms are looking to transition over a longer period because 鈥渨e can鈥檛 expect a large number of people to move over to Europe鈥�.
What is important, he says, is that UK firms should be 鈥渙pen鈥� and explain they are looking to transition over a long period of time.
Another panellist explained that Frankfurt is the ideal place to set up in Europe as it 鈥渕irrors London鈥�.
鈥淔rankfurt is the seventh most liveable city in the world, it has the market infrastructure and a talent pool.鈥�
The panellist explained that people are 鈥渕oving ahead, getting ready and taking this very seriously鈥�.
鈥淣o one wants to let us fall out without a transition deal. But if you look at recent history, who would have thought that Donald Trump would become president of the US?鈥�
鈥淩elying on hopes and feelings is totally inappropriate at this time and the focus should be on preparing for the worst.鈥�
Panellists debating Brexit offered multiple opinions on this, with some arguing that an industry move is a tough project, while others opined that there was little to no alternative.
One panellist explained that convincing people to move to Frankfurt will be 鈥渄ifficult鈥�, with a 鈥渢op to bottom review鈥� of all processes.
The panellist said that this would not be an easy process, as 鈥渁nything that big has a lot of complexity to it鈥�.
Another panellist added that it was unlikely that 鈥�100,000 bankers鈥� would move the Frankfurt, but noted that various firms have been setting up 鈥渋nterim solutions鈥�, where they set up an office with 鈥�15 people and a server鈥�.
The panellist said that these interim solutions are causing 鈥渢rust issues鈥�, as the European Central Bank was expecting 鈥渓arge groups of employees to come over鈥�.
He said that UK firms are looking to transition over a longer period because 鈥渨e can鈥檛 expect a large number of people to move over to Europe鈥�.
What is important, he says, is that UK firms should be 鈥渙pen鈥� and explain they are looking to transition over a long period of time.
Another panellist explained that Frankfurt is the ideal place to set up in Europe as it 鈥渕irrors London鈥�.
鈥淔rankfurt is the seventh most liveable city in the world, it has the market infrastructure and a talent pool.鈥�
The panellist explained that people are 鈥渕oving ahead, getting ready and taking this very seriously鈥�.
鈥淣o one wants to let us fall out without a transition deal. But if you look at recent history, who would have thought that Donald Trump would become president of the US?鈥�
鈥淩elying on hopes and feelings is totally inappropriate at this time and the focus should be on preparing for the worst.鈥�
← Previous industry article
鈥楧ifficult to see opportunities鈥� in post-Brexit world, says ISLA panellists
鈥楧ifficult to see opportunities鈥� in post-Brexit world, says ISLA panellists
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