International banks have called on the European Union to make its system for fin...
LONDON - International banks have called on the European Union to make its system for financial market access more transparent and predictable to avoid hurting markets and consumers.
The EU grants market access to foreign financial firms like asset managers and clearing houses if it deems their home market rules are similar enough to regulation in the bloc. Equivalence has been criticized for lacking a transparent, predictable timetable, for patchiness in activities covered, and for how it can be scrapped at short notice.
“This will support continued connectivity with international financial markets, minimize unnecessary fragmentation and maximize benefits for consumers of financial services across Europe,” said AFME managing director Oliver Moullin.
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