the EU, financial instruments and the status of the City of London trading centres

as political will for an industry deal fades and the bloc toughens requirements for recognising other countries' financial rules.

https://uk.finance.yahoo.com/news/doubts-mount-over-uk-finance-121343452.html

trading worth around 240 billion euros a day in euro zone government bonds has moved to Milan and Amsterdam.

Equivalence is used by firms much further afield in the United States, Singapore and Japan, but was never designed for a whole global financial centre on the EU's doorstep and does not cover core financial activities like banking.

Brussels has said it will grant temporary equivalence for the London Stock Exchange's unit LCH to continue clearing euro derivatives until March next year to avoid disruption if there is a no-deal Brexit in October, something seen as more likely under Boris Johnson, who becomes Britain's Prime Minster on Wednesday.

That has helped London to retain the bulk of euro clearing, ironically the main thing that EU politicians said they wanted moved out of Britain after Brexit.

it is unclear if that will be for the long term, or if there will be equivalence for investment services like trading stocks and bonds, which are regulated by EU MiFID securities rules.

https://uk.finance.yahoo.com/news/doubts-mount-over-uk-finance-121343452.html