Here's how big London losing its financial passport could be

businessinsider.de ^ | September 20, 2016 | Will Martin

[Berlin_Freeper]

Around 5,500 firms registered in the UK rely on the European Union's passporting rights for the financial services sector, and they turn over about £9 billion in revenue. That is the universe of companies whose future is threatened when Britain leaves the European Union.

According to new figures from the Financial Conduct Authority, released by the House of Commons' Treasury Select Committee, 5,476 UK firms have at least one passport that allows them to do business in other EU and European Economic Area nations. Many firms hold several passports, meaning that the total number in the UK stands at 336,421.

The loss of passporting rights following Brexit is probably the biggest fear in the City of London right now. If the passport is taken away, then London could cease to be the most important financial centre in Europe, costing the UK thousands of jobs and billions in revenues.

[Berlin_Freeper]

“Brexit means Brexit”, or something.

[Ken H]

Markets anticipate the future.

[Berlin_Freeper]

According to the link I posted a significant part of what's trading in London won't be after Brexit. That's their market future regardless of current trading. Btw Footsie 100 is the top 100 companies with the highest market capitalization and DAX Performance-Index is actually up on year to year.
DAX PERFORMANCE-INDEX

[Moltke]

Thanks, I had to look that up. I understand the issue now.

[Go_Trump_2016]

"There is a reason that the pound sterling has recovered to levels of where it was before the Brexit shock."

Actually, sterling has never recovered to its levels before "Leave" won the referendum:

http://www.xe.com/currencycharts/?from=GBP&to=USD&view=1Y

The pound was going up in the days before the referendum (when the markets thought "Remain" would win) and it tumbled almost 15% when "Leave" won. It's still 10% lower now than it was before the referendum.

[Vigilanteman]

Sorry, I was thinking of the stock market and stand corrected.