Britain and the EU have agreed that asset managers in London can continue to pick stocks for funds in the EU.
Trading euro stocks, bonds and derivatives have left London, turning Amsterdam into Europe's biggest share trading centre.
Brussels has only granted equivalence so far for two activities: derivatives clearing houses in Britain since January for 18 months, and settling Irish securities transactions until June.īrussels says it is in "no rush" to grant equivalence given that it wants to build up its own capital markets to cut reliance on the City and see how far Britain wants to diverge from rules used in the bloc.įaced with limited or no direct access, financial firms in London have already moved 7,500 jobs and over a trillion pounds in assets to new EU hubs to avoid disruption to EU clients.
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