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UK and EU secured a deal on the relationship for financial services firms operating in the two jurisdictions after Brexit. The pound rallied 1%.
BI PRIME: 'Possibly we need to aim off for a degree of the choreography and theatricality that comes in any negotiation," said TheCityUK's Miles Celic.
‘In leaving the single market, they lose the financial services passport’: Michel Barnier rules out a Brexit trade deal for the City of Lo...
Michel Barnier said: 'There is no place [for financial services]. There is not a single trade agreement that is open to financial services. It doesn’t exist.'
'CETA is an interesting template, but ... we should seek to be far more ambitious,' said a letter from UK finance, a lobby group which represents UK banks.
Mizuho, one of Japan's "Big Four" banks, will set up an EU base in Frankfurt in order to mitigate the potential impact of Brexit.
Some SMFG employees will reportedly be moved from London to Frankfurt.
'More than a dozen across the spectrum including more than one American bank have decided on Dublin,' said a representative for Ireland's financial services.
The EU proposed new powers to wrest control of euro clearing from London.
Expectations are rising that Britain could be heading towards a softer Brexit after last week's election.