EU and U.K. Near First, Small Step for Post-Brexit Finance
- Draft outlines plan to cooperate as two sides set own rules
- Memo marks progress but U.K. still awaits equivalence from EU
The lack of an agreement so far has put London’s decades-long dominance of European finance under threat.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Britain and the European Union are nearing agreement on how to cooperate on financial market rules -- a first, limited step toward working together after Brexit.
The two sides are proposing a joint forum for discussing regulations and sharing information, though this accord won’t require them to open markets through so-called equivalence decisions, according to a draft memorandum of understanding seen by Bloomberg News.