DHAKA: US bankers have written to Treasury Secretary Jacob Lew asking him to push for transparent Brexit negotiations in the interests of market stability.

They said Brexit “consequences are likely to be significant”, reports the BBC.

Highlighting Britain’s role in the global financial system, they warn Brexit could affect jobs in the financial industry and beyond.

In a June referendum, the UK voted to leave the EU causing global uncertainty over the fallout of the separation.

In their letter, the bankers also said US companies in the UK rely on “passporting rights” between the UK and the remaining EU member states to allow UK-based firms to operate freely across the economic bloc.

They added that millions of people in the US are employed by UK and EU companies and called for a “smooth” transition period to give firms time to get used to changes in trade and investment.

In the months since the UK vote to leave the European Union, markets around the globe have seen increased volatility with investors nervous about uncertainty in Europe.

The pound plunged on the day after the vote and has remaining at record low levels since then.

In their letter, the bankers stress that “for the prosperity of the US and world economies” it was vital that uncertainly was “kept to a minimum” and that existing trade ties were “disrupted as little as possible”.

BDST: 1507 HRS, SEP 17, 2016
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