Brexit e l'impatto sui mercati finanziari europei

The aim of this Master Thesis is to analyse the impact that the recent decision of the United Kingdom to leave the EU is going to have on the EU financial markets. The work here presented will start with a brief introduction of ¿Brexit¿ and of the main reasons which led to this drastic decision; the focus will then be shifted on the depiction and analysis of 4 different scenarios, ranging from the two antipodes ¿Hard Brexit¿ and ¿Soft Brexit¿, within which the other 2 scenarios can be located. These four situations have been identified as the most realistic options which could eventually shape the UK-EU future relationship, and this study will analyse and assess the effects that these will have on the European financial markets. The first part of this thesis will focus on the analysis of the two antipodes: ¿Hard Brexit¿, in which the UK will eventually be put under third country regime causing the financial institutions based there to lose their pass porting rights, and ¿Soft Brexit¿, where the UK re-joins the European Economic Area Agreement. In the second part, this economic analysis will proceed with the analysis of the other 2 possible solutions which consist in the ¿Equivalence Scenario¿: a situation in which an agreement in relation to financial services would not be found, but with the UK still being able to preserve its access to the European Union single market thanks to the equivalence which is granted to firms by the ¿third-country¿ regime regulation; and in the ¿OFC Scenario¿: an outcome in which London is converted into an OFC.