EUFN - EU U.K. financial firms brace for Brexit's impact on trading on Jan. 4

The U.K. financial sector, which was excluded from last week's Britain-EU trade deal, loses automatic access to the EU's financial markets on Thursday.And while financial firms have been preparing for the transition of most euro-denominated assets such as shares and derivatives out of the U.K., it's still uncertain how things will play out on Jan. 4, the first trading day of the 2021, and for the long term, according to Reuters.EU and U.K. bank shares, overall, have declined in Tuesday's trading: Lloyds Banking Group ([[LYG]] -5.1%), Barclays ([[BCS]] -1.5%), Deutsche Bank ([[DB]] -2.2%), ING Group ([[ING]] -1.3%)."This is a big bang event and that is one of the things that the market hasn't truly understood," Alasdair Haynes, CEO of London-based share trading platform Aquis Exchange, told Reuters. "This is literally everything moves on a specific day and we have to pray to God that we don't have some extraordinary event

For further details see:

EU, U.K. financial firms brace for Brexit's impact on trading on Jan. 4