So far, the EU has allowed access to London’s dominant clearinghouses until June 2022 to keep the multi-trillion dollar derivatives markets stable, but has been reluctant to extend the same rights to investment banking and trading stocks. On the U.K. side, Sunak unilaterally granted equivalence to EU firms for capital, auditing and insurance standards in November. The U.K. has previously said British firms can continue trading all shares through EU venues, even if mutual equivalence cannot be achieved.



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