EU-UK financial market access in 2021

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Amid the uncertainty of EU-UK negotiations, financial market access is sure to be marked by more friction. As the end of the transition period approaches, both sides are diverging, which indicates that financial services trade across the Channel will be very different next year. Even if a trade agreement were to be concluded by the end of 2020, market access will be well below what it is today. Equivalence decisions are limited in scope, and equivalence assessments await conclusion. And what will be the means for recourse?

Karel Lannoo is General Manager of ECMI and CEO of CEPS.