Sky News: Wall Street giant Citi to unveil Brexit plan for new EU unit17 July 2017 | 20:51 | FOCUS News Agency
Sky News has learnt that Citi's board has finalised plans to establish a second EU-based broker-dealer, which will handle many of the market trading activities currently undertaken in London.
The US bank has decided to name Frankfurt as the location for the new broker-dealer after also evaluating Paris as an alternative, according to insiders.
Citi's decision reflects the issue confronting all international banks which rely on the EU's passporting regime to trade seamlessly across national borders.
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