This has been coming since Sam Woods' original letter in the spring. The timetable is dictated by the process needed for these authorisations and so the regulators will soon need to fire the starting gun.

Given the German election, the political window to agree a transition period was always going to be short, and time is now running out fast. Regulators have consistently warned about the risks of not having a transition but, unless there is a surprising breakthrough, any agreement will be too late for financial services.

Regulators will work hard to smooth the process, but firms are likely to find this a unpredictable journey as they try to navigate between the regulatory requirements and the political soundscapes.