BoE reassures foreign banks on post-Brexit booking models

EU banks that lost passporting rights after Brexit are unlikely to have to establish UK subsidiaries

David Bailey
David Bailey, Bank of England
Photo: Bank of England

Ever since the Brexit vote in 2016, European banks have been wondering whether trading books might end up being almost entirely split between the European Union and the UK after the country left the single market. This week, the Bank of England reassured them that their global booking models were safe, provided they can demonstrate that any risks to the UK’s financial stability are subject to proper controls.

“We recognise that international firms in many cases operate global booking and risk

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