France's leading financial regulator has told the BBC that major banks are in advanced stages of planning to shift some operations from London to Paris.

 

Benoit de Juvigny said that "large international banks" have undertaken the due diligence needed to set up a subsidiary in the French capital.

 

He also told Newsnight that "many other companies" had lodged informal inquiries about moving post-Brexit.

 

He expects similar talks to be going on in Europe's other financial centres.

 

Authorities in Frankfurt, Luxembourg and Amsterdam have said they would welcome banks moving operations from London for when the UK leaves the European Union.

 

For many years, British-based financial services companies have been able to operate throughout Europe using so-called passporting rights.

 

That scheme may end when Britain leaves the EU, with no guarantee that it will be replaced by a similar agreement.

 

It is that uncertainty that had led many financial companies - and particularly international banks - to make contingency plans that would see them transfer a chunk of their business to an EU member country.

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