November 14, 2018 / 7:57 PM / a month ago

Draft Brexit deal ends Britain's easy access to EU financial markets

LONDON, Nov 14 (Reuters) - The United Kingdom and the European Union have agreed a deal that will give London’s vast financial centre a basic level of access to the bloc’s markets after Brexit.

The deal will be based on the EU’s existing system of financial market access known as ‘equivalence’ - a watered-down relationship that officials in Brussels have said all along is the best arrangement that Britain can expect. Such a deal would give the United Kingdom a similar level of access to the EU as major U.S. and Japanese firms, while however tying it to many EU finance rules for years to come.

“Commitments to preserving financial stability, market integrity, investor protection and fair competition, while respecting the parties’ regulatory and decision-making autonomy, and their ability to take equivalence decisions in their own interest,” the draft Brexit agreement said.

Reporting By Andrew MacAskill, editing by Andy Bruce

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