Much has been made of the manner in which post-Brexit there are going to be all sorts of regulatory barriers to this and that. For The City for example, there would be an inability to sell products and services to people simply because the regulations to allow it don’t exist. There being a certain truth to this, obviously enough, as the regulatory structure has grown up during these decades of EU membership. Thus those regulations rather depend upon that surrounding structure of law and assumptions.

Some have been arguing that this is a sticking point. Woe is us as our largest net export sector is entirely stymied. That was never what was going to happen of course:

Financial markets moved a step away from no-deal chaos on Monday after the UK and US struck deals to preserve crucial clearing activities whatever the outcome of Brexit.

New York and London are the two largest centres for so-called derivatives trading and clearing actions - a major part of the financial ecosystem that allows firms to hedge risk in areas such as interest rates.

The future of international clearing activities was clouded by Brexit uncertainty because permissions from US regulators for the UK were granted due to its EU membership.

The UK will now be covered by agreements for at least three years. These will be activated the moment Brexit happens, safeguarding contracts.

Regulations are strikes of the bureaucrats’ pens. It being possible to tell them to get their pens out and get on with new regulations.

As to why it was obviously going to happen we need to ask ourselves, cui bono? Who is it that benefits from thriving derivatives markets?

Sure, those supplying them make a tidy penny. But the customers must gain greater value than that. These are voluntary transactions after all, those spending their own money must be gaining greater value than they’re shelling out, that’s definitional. So, who is it that is going to be telling those bureaucrats to get their pens out?

The customers, obviously enough. Exactly and precisely what is happening. Those who use, rather than those who provide, those derivatives markets are making it entirely clear that whatever the desires of the British to be subject to Brussels or not they’d like to keep using those derivatives markets. So, the regulations are being adjusted so that they can.

It always having been obvious that this is what would happen too.