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United Kingdom, Switzerland to continue financial services



(Reuters) – Britain and Switzerland will continue with plans to conclude a trade agreement for their major financial services, Finance Minister Rishi Sunak said on Wednesday ahead of talks with his Swiss counterpart.

The two countries are aiming for a mutual recognition agreement in which they would accept the broad impetus for each other's financial rules – a type of arrangement that the European Union rejected in the Brexit talks with London.

The UK is keen to maintain City London's attractiveness as a global financial center after full access to the EU, its largest customer to date, ended last month.

"The United Kingdom and Switzerland are both global financial centers, with a common commitment to high standards of regulation, market integrity and investor protection," Sunak said in a statement.

"Our ambition is to deliver one of the most comprehensive agreements of its kind in financial services as part of our plan to seize new opportunities. In the global economy, we have now left the EU."

The EU had rejected the City of London's request for mutual recognition in the trade agreement it struck with the UK and instead insisted on equivalence ̵

1; or a complete adaptation of the rules – as a price for future access to the financial market.

As the UK is no longer bound by EU rules since its complete departure from the block on 31 December, UK-based exchanges will once again offer trading in Swiss shares from 3 February. [19659002] In June 2019, Brussels blocked EU investors from trading on Swiss stock exchanges following a treaty line, with Switzerland then banned EU stock exchanges from trading Swiss shares.

The UK Treasury and stock exchanges said earlier this month that it may take time to rebuild.

Wednesday's talks are expected to cover insurance, banking, asset management and capital markets, the UK Treasury said.

Mr. Sunak will also hold a roundtable on Wednesday with some of the largest global banks, the finance ministry said. Catalog

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