Still, it was eyebrow raising when Lloyd's of London insurance market announced it was setting up shop in Brussels

The Belgian capital currently host just a hundred and eighteen insurers compared with nearly 500 in the UK.

It's impossible to predict just how many jobs will move to other EU financial centers

and which of those cities will be the biggest winners.

The cities' banking business is the real prize.

And banks may choose to move operations to locations where they already have a presence.

Frankfurt could be the front runner.

FT research shows that of the top ten banks, eight already have bases there.

And Frankfurt reckons it could attract 10 thousand jobs over 5 years.

Banks' more radical contingency plans assume that they will no longer be able to conduct pan-EU business from London at all

and the EU single market passport.

Think tank Open Europe reckons 27 billion pounds or 20 percent of city banking activity

depends on passporting EU businesses into London.

Overall, according to a 2016 study, up to 75 thousand of the cities there are 4 thousand workers could be moved to the continent.

Many believe the real winners from Brexit will be the financial centers of New York and Asia.