London could lose out to New York under draft EU finance deal: document



Huw Jones | Reuters

LONDON (Reuters) – The City of London’s finance industry would be worse off than rival New York under an early draft for a cooperation agreement in financial services between Britain and the European Union, a document, seen by Reuters, showed.

Britain’s financial services industry has been largely cut off from the EU, its biggest customer, since a Brexit transition period ended on Dec. 31 as the sector is not covered by the UK-EU trade deal.

Trading in EU shares and derivatives, for example, has already left Britain for continental Europe.

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