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BlackRock's Philipp Hildebrand suggested at the European Financial Forum that the UK cannot “have the cake and eat it”.
“I don’t see how clearing can be outside of the European Union,” said Hildebrand, a former chair of the Swiss National Bank.
“Having gone through the Swiss experience, it was very clear from the very beginning that you could not have the cake and eat it. If you want to take full control of immigration, you cannot be in the Single Market.”
He added: “What follows is that you cannot be in the Single Market. And I think what follows from there is pretty clear: the core functions of the European financial markets will not be outside.”