The UK formally leaves the EU at 23.00 GMT tonight, bringing its 47-year membership of the European trade bloc to an end. While today marks a highly symbolic moment, the real impact of Brexit is still largely unfelt and substantially unknown.

Little will change in the short term, since the UK will continue as a member in all but name — and political influence — until at least the end of 2020. The negotiations that will determine the country's future relationship with its largest export market have not yet begun.

While the government insists it will not extend the 11-month-long transition period, trade experts and commentators point out no ambitious trade deal has ever been concluded in so short a timeframe. EU leaders have said that if a quick deal is wanted, it will be off-the-shelf: a high degree of alignment with EU rules in exchange for market access, or a high degree of freedom, at the cost of trade barriers.

The finance sector has largely prepared itself for either eventuality, with London-based banks and fund managers having set up EU branches and EU-based firms opening UK offices, to safeguard their business either side of the Channel. Nevertheless, the preference of the City establishment and its regulators is reasonably clear: as close an alignment on financial services rules as possible.

Those urging pro-Brexit policymakers to go further in divergence have plenty of reason for optimism, however. As Brexit reaches the “end of the beginning”, FN rounds up the views from around the City.

Steven Bell, chief economist, BMO Global Asset Management

“Boris is celebrating Brexit Day with the usual pomp and circumstance. I’d remind the doomsayers the UK remains a highly educated nation with a skilled flexible labour market and strong institutions. Brexit won’t be an economic disaster. But let’s be clear, there is nothing positive for the UK economy from Brexit... Whatever deal the UK strikes, UK firms will be in a weaker position competing in Europe. For example, the UK will be granted equivalence in financial services by the EU commission but they can withdraw this with just three months’ notice.”

Donny Kranson, European equity portfolio manager, Vontobel Asset Management

“Europe has already warned the UK that, if their rules differ too much from the EU, they will have less access to the European market. This includes corporate tax rates, state aid, environmental standards, and labor laws. Europe also warned the UK that they have to do checks on goods going to Northern Ireland from Great Britain after Brexit – as they agreed to in the withdrawal agreement – despite Johnson continuing to say there will be no checks. Basically, it already isn’t off to a smooth start.”

Karen Ward, chief market strategist, Emea, JPMorgan Asset Management

“The problem that has plagued the discussions of the last three years is the seemingly impossible desire for the UK to maintain a close economic relationship with the EU, without agreeing to regulatory alignment. This is somewhat of a square peg/round hole situation, since regulatory alignment is always the foundation for a trade agreement, to prevent one country abusing standards (such as environmental or labour) to gain an unfair advantage. Boris Johnson will, in tandem, be hoping that a closer partnership with the US will at least replace some of the trade lost with the EU, though we doubt the UK is high on president Trump’s priority list for this year.”

Chris Cummings, CEO, Investment Association

“The next 11 months will be crucial in securing a deal that works for the millions of UK and European savers and investors who rely on the services of the investment management industry to provide for their long-term financial goals. The UK government and EU need to ensure that our industry can continue to seamlessly manage savers’ money across Europe. Investment managers will now look for the negotiations to provide greater confidence about the access arrangements between the UK and European markets.”

Ritu Vohora, equities investment director, M&G Investments

“The UK is now one of the cheapest major markets in the world - trading at a significant discount to global peers, close to a 30-year low. This presents a good opportunity to find quality companies at bargain valuations. It’s important, however, to take a long-term view and focus on fundamentals of individual companies, seeking exposure to a mix of assets across industries, countries and currencies and not to become too fixated with single or localised issues — including Brexit.”

David Zahn, head of European fixed income, Franklin Templeton

“If there’s no trade deal on the table with the EU by year-end, then some investors will use gilts again as a hedge for a hard Brexit. The pound will also remain in focus because some of the removal of uncertainty should help bring back some strength to the currency. Some of the uncertainty should also be removed for UK corporate bonds, which we think are relatively cheap versus others globally. So, we think they should perform reasonably well over the coming year.”

Rob Price, fixed income portfolio manager, Axa Investment Managers

“UK credit spreads in favourable environment in first half of the year as the near term runway appears clear for risk while uncertainty may increase as we approach the end of the Brexit transition period, at which point we expect the uncertainty around the future UK-Europe relationship to weigh on business investment.”

Catherine Birkett, chief financial oficer, GoCardless

“Until trade agreements are finalised, we’re not finished with Brexit... The priority for UK fintech is passporting our licenses so we can continue trading with the EU without tariffs. We also need to prevent Brexit from damaging our access to talent through immigration. Business leaders need to keep pushing the government to avoid making deals that are harmful to business. We need common sense to guide negotiations and we can’t rest until the ink is dry on the final agreements.”

Paul O'Connor, head of the UK-based multi-asset team, Janus Henderson Investors

“We feel that the Boris bounce in UK markets has now run far enough. From here, a sustained improvement in UK macro momentum will be needed to support further meaningful upside in assets sensitive to the UK economy. While the widely anticipated fiscal boost will help sentiment on this front in the short term, we do not think it will be long before Brexit-related uncertainty begins, once again, to weigh on UK business and consumer confidence.”

Financial News will be updating this article with more reaction throughout the day