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MNI BRIEF: BOE Bailey Sees Barriers To UK/EU Equivalence

The are plenty of stumbling blocks facing the UK and the EU achieving equivalence, or mutual recognition, of each other's financial systems, Bank of England Governor Andrew Bailey said Wednesday. Bailey said the UK could not be a pure rule-taker, noting the "post-Brexit equivalence process between the UK and EU has not been straightforward."

He added that the EU has been swifter to grant non- time-limited equivalence to US clearing houses than UK ones, a stance MNI looked at this week.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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