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U.K. Accepts EU's Need to Share Clearing Oversight, Hammond Says

  • Hammond says close regulatory cooperation needed after Brexit
  • ‘Enhanced equivalence’ needed for cross-border business
Philip Hammond

Philip Hammond

Photographer: Luke MacGregor

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The U.K. accepts that the European Union needs to share in the supervision of clearinghouses and other parts of financial services plumbing if it is to allow the lucrative business to remain in London after the nation quits the bloc, Chancellor Philip Hammond told lawmakers.