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“UK agrees EU deal on City regulation,” headlines the Financial Times in a front page story branding a financial regulation agreement, which was unofficially agreed last week, a “significant step forward.”
The deal will regulate trades in London’s financial markets, and comes after more than two years of tough negotiations between banks, stock exchanges and governments in the UK, France and Germany. It will be formally approved by EU finance ministers on Friday.
The agreement “will potentially limit Brussels’ influence on the way the City of London regulates trading,” writes the economic daily, as it includes a clause that rules that no regulator’s proposals should discriminate against any member state. The newspaper continues –
This clause is similar to one the UK carved out from the deal on European banking union last December, and comes amid tension over the influence Brussels has over the City. The proposals, tentatively agreed last week, also included a clause that could make it harder for London to be overruled by the European Central Bank and other regional regulators on legislation affecting the City.
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