If Brexit negotiations did not end well could affect the wholesale banking and financial stability according to the banking lobby in Europe. The Association for Financial Markets in Europe (AFME) emphasized concerns faced in Brexit including access to the bloc but at the same time aiming to maintain being part of the single market. On the other hand, the European Securities and Markets Authority (ESMA) is said to be important in resolving the issue of maintaining the “equivalence” operation between E.U. and non-E.U. firms, according to the AFME. In the part of E.U., they also need to manage policies in the financial markets, gain the trust of financial firms from London while mediating the negotiation with Britain and curbing undiversifiable risk inherent to the process. It makes the whole system complicated and harder to manage systematically.
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