Whichever type of Brexit you hope for, there remains the possibility of a UK withdrawal from the EU in March next year with no agreement in place, and no transition period.

The European Banking Authority has this week voiced its concerns about what it sees as a lack of preparation on the part of financial institutions for such a scenario. But in fact some banks and brokers are already setting themselves up for a hard Brexit by doubling up on legal entities and infrastructure so as to service their clients and continue pan-European trading.

It’s good to be prepared, but while negotiations continue there is still a great deal of legal and political uncertainty. The hard reality is that our industry needs clarity and certainty – and soon!