Hard Brexit threatens global financial system, City chiefs tell MPs

Finance chiefs demand clarity on EU exit strategy as MPs hear concerns for tens of thousands of jobs if London loses euro clearing and passporting rights

Brexit poses a risk to the global financial system and could spark more than 230,000 job losses, senior City figures have told MPs as they called for clarity on the UK's future relationship with the EU.

Xavier Rolet, chief executive of the London Stock Exchange, said Brexit could have an impact on "unimaginably large" contracts which are cleared through the City and which might need to be transferred to the 27 remaining EU member states or other financial centres.