The decision by the International Swaps and Derivatives Association (Isda) to make Irish law an option in drawing up documentation for contracts and to settle cross-border disputes is potentially a milestone in the development of the financial services sector in Ireland.

It also underscores how the benefits of Brexit are likely to be more gradual than big bang. For example, in the immediate aftermath of the UK referendum in June 2016 a belief took hold that there would be a mass exodus from the City of London. One research paper estimated that 12,000-15,000 thousand jobs could be relocated from London to Dublin. So far, those estimates have proven wide of the mark. Current estimates suggest the Brexit dividend will be closer to 4,000 finance jobs.