…“It’s a little bit of a pyrrhic victory,” given what London has lost, said Niki Beattie, founder at Market Structure Partners. Allying with Switzerland may also risk further alienating the EU. It underlines the U.K.’s divergence from the bloc, a shift unlikely to boost the City of London’s bid to be granted untrammeled market access for financial services. …
If the EU were to grant the U.K. equivalence, one condition might be the U.K. rescinding its Swiss decision, according to Beattie.
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