Britain's central bank has been digesting more than 400 responses to its call for financial institutions' plans for the UK's withdrawal, including the possibility of a 'no deal' scenario with the EU.
Sam Woods, deputy governor for the Bank of England, told that he expected "at least 130 applications to be authorised here in the UK".
But he warned EU financial institutions were lagging behind their British counterparts in planning for life after March 2019.
Mr Woods said he would have to decide by Christmas whether to insist EU financial firms in London convert into subsidiaries and come under the jurisdiction of the Bank's Prudential Regulation Authority (PRA), which he also heads.
Branch conversions were likely to begin in this timeframe unless the outline of a transition deal was hammered out beforehand, he said.
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