The Brexit vote could force European trade repositories, a key part of the plumbing of financial markets, to move more of their operations out of the UK and into the eurozone because of their direct supervision by EU authorities.

Europe has six authorised trade repositories, which were created after the crisis to store swaps data so that regulators can better monitor risks in derivatives markets. Four of these are located in the UK and run by the London Stock Exchange, CME Group, the Depository Trust and Clearing Corporation and Intercontinental Exchange, respectively.