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EU's MiFID Deal on Swiss Exchanges Sends Signal for Brexit

  • EU grants limited equivalence to exchanges in Switzerland
  • Swiss president says finding is ‘clear case of discrimination’
Bloomberg business news
How MiFID II Is Going to Change Banking
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As U.K. Prime Minister Theresa May tries to get financial services into the frame of a trade deal with the European Union, she might want to study the EU’s decision on market access for Swiss stock exchanges under MiFID II.

The European Commission, which is running the EU side of the Brexit talks, tied a financial-plumbing issue -- the ability of EU investment firms to trade on platforms such as SIX Swiss Exchange AG -- to broader political issues. Swiss platforms got a year of access to the single market, not the open-ended deal given to U.S. exchanges, so the issue can be revisited in wider talks on the country’s relationship with the EU.