Banks in U.K. Eyeing EU Market May Find Equivalence Cold Comfort

  • City of London is keen to maintain full single-market access
  • EU Commission issues, and can withdraw, equivalence decisions

For bankers in the U.K., a lot of money and a lot of jobs hang on the terms of their continued access to the European Union’s single market after Brexit. Yet those terms -- such as “passporting” and “equivalence” -- aren’t exactly household names.

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