LONDON, Sept 14 (Reuters) - There has been no fundamentalslowdown in markets so far because of Britain's decision toleave the European Union, top officials from the financialservices sector said on Wednesday.
Banks are making contingency plans to move some of theiroperations to continental Europe if Britain does not negotiateaccess to the bloc's single market after Brexit.
"I don't think there has been a fundamental chillingeffect," Alex Wilmot-Sitwell, president for Europe at Bank ofAmerica Merrill Lynch told parliament.
"So far there hasn't been a dramatic impact on activity,"Douglas Flint, group chairman of HSBC bank, told theHouse of Lords committee.
Banks in Britain depend on an EU "passport" to serve clientsacross the 28-country bloc from one base and lenders worry thatthese passporting rights will end after Britian leaves the EU.
Elizabeth Corley, vice chair of Allianz Global Investors,said there was some caution in the sector in deploying free cashflow.
Anecdotally, there was some hesitation to commit to capitalexpenditure, Corley added. (Reporting by Huw Jones and Lawrence White, editing by AnjuliDavies)