The penalties would be very high not just for the UK but for the rest of the EU. We would be going back to fragmentation. I don't think that's what corporate issuers want. Xavier Rolet More Quotes by Xavier Rolet More Quotes From Xavier Rolet We take a relative value approach across geographies and sectors, our multi-asset approach allows us to actively manage and take advantage of dispersion, and there is growing dispersion globally. Xavier Rolet money We look at our business strategically and with a strong client focus, sure, rates do weigh on short-term positioning, as do other factors, but bespoke solutions are designed to be flexible enough to maximize superior returns over the long-term. Xavier Rolet money We do not need to apply for new licences. It's basically a weekend migration, we switch a few things. Xavier Rolet mergers-acquisitions For the moment, there is no immediate threat from that standpoint. Xavier Rolet mergers-acquisitions