Britain and the European Union need to make progress on EU financial market access given that the coronavirus crisis will make it even harder to cope with potential disruption if there is no agreement, banking lobby AFME said on Monday.
FILE PHOTO: European Union and British flags flutter in front of a chancellery ahead of a visit of British Prime Minister Theresa May in Berlin, Germany, April 9, 2019. REUTERS/Hannibal Hanschke/File Photo
London and Brussels blamed each other last week for missing a June 30 deadline for assessments on financial market access from January. Although it is far more limited than current access, without equivalence EU investors would not be able to use financial services in London. AFME said ensuring that EU investors can continue using clearing houses in London needed addressing before the end of September to avoid customers having to move derivatives positions elsewhere.AFME called for a formal framework for UK and EU regulators to iron out differences that could jeopardise access.
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