British Watchdog Expects Market Disruption If No Two-way EU Access

Markets face some disruption in January if Britain and the European Union fail to agree on continued two-way cross-border access, top British regulators said on Wednesday, Reuters reported. Britain has left the EU and continued full access to the bloc under a transition arrangement expires on Dec. 31, with the City of London facing patchy access to the bloc in future. The EU is still deciding on how much direct financial market access it can give Britain under a system whereby Brussels deems British rules to be “equivalent” to its own. “There is the possibility the negotiating parties don’t reach some sensible conclusions on some issues ... then there will be some unexpected disruptions,” Charles Randell, chairman of the Financial Conduct Authority (FCA), told a Treasury Select Committee parliamentary hearing. Read more