Britain and the EU have taken the first step after Brexit towards financial services cooperation by agreeing to set up a new forum to discuss market regulation
As Bloomberg notes, this will allow British financial firms to regain some access to the single market, which was lost after the country left the EU.
Agency sources familiar with the negotiations said that the parties signed a Memorandum of Understanding on financial services. The content and substance of the deal have been finalised and both sides are now working on the formal confirmation process.
The MoU establishes a framework for regulatory cooperation and a joint forum to discuss mechanisms as well as exchange information.