I keep on seeing various Brexit sages argue that by eg not granting equivalence (ie moving towards a competitor relationship with London) the EU will reduce the capital markets liquidity (across various products) available to its banks and corporates.

All other things being equal (probably not helpful but hey), I can see costs etc going up a little bit (eg I used to have one office in London and now I have an office in Paris as well) but I don’t see this as being especially material (and there may be some positives).

I know something about this area (you may consider that to be an understatement) but of course I might be wrong. Would be very interesting to get the views of other former or current practicioners.