The Future of U.K. Banking Rests on a Process Run by European Politicians 

The Future of U.K. Banking Rests on a Process Run by European Politicians 

Even with Brexit done and a trade agreement sealed, the U.K. and European Union are still jockeying over the future of financial services. The City of London's unhindered access to European markets -- and with that, its standing as a global financial hub -- hinges on a process controlled by politicians and technocrats in Brussels known as "equivalence.“ The EU has been in no rush to move things along, while the U.K. is signaling that it intends to veer from the bloc's rules and will not accept e