EU Lawmaker Rules out ‘Mutual Recognition’ for UK Financial Firms

EU Lawmaker Rules out ‘Mutual Recognition’ for UK Financial Firms
People cross the Millenium Bridge in front of the City on a sunny morning in London, Britain, May 8, 2018. Reuters/Hannah McKay
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LONDON—The City of London financial district’s preferred option for future trading relations with the European Union after Brexit won’t work, a senior EU lawmaker said on Wednesday.

The City has called for two-way market access based on a system of “mutual recognition” or Britain and the bloc accepting the broad thrust of each other’s financial rules.