The chief executive of the Berlin Stock Exchange says Brexit may not be as bad as initially thought for UK financial firms.

Artut Fischer said on Friday that UK based banks and City firms could follow the example of US firms trading with EU businesses.

“When you look at it, it’s not totally bad,” he told the BBC.

“We would treat the UK like the US for example and we are doing a lot of business with the US, so there are ways to overcome what we call the loss of the passport.”

Mr Fischer added: “If a company based in the UK wants to promote its services in the EU then they need a licence… and a presence in the EU.

“There has to be a real operation in the EU which means real control, real management, real people and real processing have to be located in the EU in order to sell services.”

Denmark’s prime minister Lars Lokke Rasmussen warned Theresa May on Monday that Brexit would create more bureaucracy for businesses trading between the two countries.

Brexit has already cost the FCA, Britain’s finance watchdog funded by the City, an extra £30m in contingency plans.

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