Basildon Man

 Financial Times --  

Exchange group Euronext has completed its €4.4bn purchase of Borsa Italiana and will concentrate its operations in the EU by moving its computer servers out of the UK. ... The takeover, formally cleared by regulators on Thursday, means Europe’s largest listing venue will move the computer hardware on which deals on exchanges across the continent physically take place, from Basildon in Essex to Bergamo .. Many have spent millions on superfast cables and microwave radio networks and towers so they can race in milliseconds between trading venues in Slough, Basildon or central London and Frankfurt to execute trades. “It seems like Brexit gets harder and harder as it gets done,” said one trading executive who declined to be identified. However he said ICE had been one of the more expensive providers. “The move will be costly short-term but in the long-term it will be beneficial as [Italy] will be cheaper,” he said.

So one thing that Brexit has found out: Britain was expensive, but affordable by being in the EU. Once out, costs become more of a factor.