There is much political posturing about who should take London’s euro clearing crown post Brexit. This is not a sound basis for policy: a democratic decision to cut political ties with Brussels should not endanger the economic stability of European financial markets.

Worryingly, if an effort to punish the City for political gain succeeds, we are heading for the chaos of having multiple European clearing centres. This will only serve to hinder capital market efficiency which as a result, limits economic development and job creation.