The International Monetary Fund (IMF) has given a gloomy outlook for global financial stability and one of the factors in that is Brexit.

Its deputy director of markets, Fabio Natalucci, said this morning: "We have identified probably two sets of risk. One is short-term transitional risk - there are operational risks related to banks, insurance companies, asset managers.

"There are also medium-term challenges that relate to the ultimate deal being reached. Those have to do with the risk of fragmentation of liquidity, the possible duplication of trading venues and related efficiencies, risk management issues for financial institutions as well as data sharing."