The future geography of European trading will depend mostly on the rules that are enacted after an EU divorce. A French government that's been at the forefront of the Europe project for decades and which saw euro trading slip through its fingers in the past quarter-century will seize this once-in-a-generation opportunity to drag euro trading away from London as aggressively as it can. By pushing for regulations that dictate euro securities have to be regulated in euro countries, France can emerge triumphant in the battle to be the dominant financial capital of a new-look Europe.
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