This report looks at the possible effects of Brexit on Capital Market Participants that leverage IPC’s Financial Markets Network and the related network services it provides. In terms of Capital Markets, the report considers the impact on a wide range of participants including brokers, interdealer brokers (IDBs), sell-side firms, HFTs, institutional buy-side firms, hedge funds and the vendors who supply vital services to the industry. All of these participants are hereafter collectively referred to as “Capital Market Participants”.