The Future of U.K. Banking Rests on a Process Run by European Politicians 

The City of London is weeks away from being free of the European Union’s rules, but its status as a global financial hub still rests on an obscure process controlled by politicians in Brussels known as “equivalence.” The EU has granted one main equivalence decision to the U.K. this year — but there are about 40 more to go before it’s clear how much investment banking business can stay in Britain, and the EU’s in no rush.

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