I’m sure I’m not the only trading executive with one eye watching the clock run down to 4 January 2021, Europe’s first post-Brexit trading day. If, as looks increasingly likely, the UK and EU fail to recognise each other’s securities rulebooks as equivalent, the equity trading landscape is set to look very different from day one of full separation.

The ‘no-deal’ Brexit plans recently laid out by European and UK regulators are likely to result in trading for EU and UK stocks being split along regional lines. In short, the trading in EU shares which currently takes place in London – which amounted to €9bn a day in September – will be forced to relocate to venues in continental Europe in time for 4 January. While this will be a loss for London, the bigger concern for the industry is making sure we don’t harm end investors in the process.