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Brexit has consequences. According to the boss of Europe’s largest exchange group, one of them is that London is no longer the region's dominant financial center. But that's not the worst of it. Euronext Chief Executive Stephane Boujnah tells David Merritt and Francine Lacqua that restrictions on the movement of people, and how that's changing the fabric of finance both in the City and across Europe, will do more damage.

“When circulation of people is more complicated, when it's not anymore the natural, obvious place to go, this will have more lasting consequence than anything else.” Boujnah said. “And in my view it's unfortunate.” He adds that understanding how far Britain will diverge from the existing regulatory environment is the key to understanding the City's future as a financial hub.

Also on this episode of In the City, editor Tom Metcalf discusses the darkening mood within many banks and what that means for finance jobs and bonuses. He also says City Minister Andrew Griffith’s coming announcement regarding the government's package of post-Brexit reforms is likely to be a muted affair.

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