10
July
2020
|
17:02
Europe/Amsterdam

City Corporation reaction to Valdis Dombrovskis’ intention to grant UK clearing houses short-term access to the EU market

Reacting to European Commission Executive Vice President Valdis Dombrovskis’ intention to grant UK clearing houses short-term access to the EU market at the end of the Brexit transition period, City of London Policy Chair Catherine McGuinness said:

“This sensible step will give businesses on both sides of the Channel an opportunity to make plans for the future, benefitting customers and providing stability at a crucial juncture.

“However we still need more certainty, and that will only come from a clarification of the broader shape of our future relationship, especially on equivalence, data and regulatory cooperation.

“I hope we see further pragmatism and progress from both sides, which would help provide a major boost for our joint economic recovery.”

“This is a time – above all others – when we need to keep financial markets operating smoothly across borders.”