FILE PHOTO: European Union and British flags flutter in front of a chancellery ahead of a visit of British Prime Minister Theresa May in Berlin, Germany, April 9, 2019. REUTERS/Hannibal Hanschke/File Photo
London and Brussels blamed each other last week for missing a June 30 deadline for assessments on financial market access from January. Although it is far more limited than current access, without equivalence EU investors would not be able to use financial services in London. AFME said ensuring that EU investors can continue using clearing houses in London needed addressing before the end of September to avoid customers having to move derivatives positions elsewhere.AFME called for a formal framework for UK and EU regulators to iron out differences that could jeopardise access.
The EU will only grant temporary equivalence on sectors that suit the EU. That is it. The City will have to move large parts to the EU if it wants access to the EU market. Including capital and management.
Europarl_EN Don't give the access.