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U.K. Urges EU Rethink on ‘Damaging’ Brexit Equities Plan

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FCA’s Andrew Bailey discusses post-Brexit financial regulation and the state of the U.K. economy.Source: Bloomberg
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Equity markets will face significant damage in a no-deal Brexit unless the European Union reverses a plan to block traders in its home territory from using London exchanges, the U.K.’s top market watchdog said.

Andrew Bailey, the Financial Conduct Authority’s chief executive, called on the EU to urgently rethink its position before Oct. 31, when Britain is scheduled to leave with or without a deal. Trading in a large number of European shares will be harmed, Bailey said in a speech on Monday in which he called for a new round of talks with European counterparts to prevent a rupture in markets.