Post-Brexit financial services in the EU

This paper uses a modified battle of the systems approach and to explain the extent and location of financial services migration from London to the EU. It shows that the European Central Bank and European Commission pressured UK-based financial services to migrate to the EU by 2022, that companies migrated to EU cities most suited to their business models, with the critical exception of clearing services. Frankfurt’s strategy of building a single prime financial centre has been limited to banking, but Paris’ has won the day with a network of financial services spread across European cities that are coordinated in France and upheld with information and communication technology.