Move by UK regulator seen as limiting relocation to EU’s financial centres.

The European Union is unlikely to grant broad access for the City of London, and the flight of euro share trading from Britain to the bloc is permanent, UK bankers said on Monday.

The European Commission today adopted an equivalence decision determining that the United States Securities and Exchange Commission (SEC) regime for US central counterparties (CCPs) is equivalent to EU rules.

London’s status as the global hub for FX and derivatives trading is under threat for the first time since Brexit.

The European Union’s chief Brexit negotiator rejected the U.K.’s latest proposals for financial firms to do business with the 27-nation bloc after Brexit, accusing Britain of trying to keep as many of the benefits of the single market as it can.

The golden age of the City of London began with a big bang. It’s ending with a whimper.

This is the latest move in an ongoing battle from EU regulators to ensure more financial services business moves back to the bloc after the UK's split with the EU.

Equivalence permits for UK financial services unlikely to be ready by January 1st.

The City of London’s will remain a global financial centre but may not see the ‘golden age’ again, according to NatWest bank chairman Howard Davies.

Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence before the end of the Brexit transition period.

It is too early to tell if Britain’s financial rules post-Brexit will diverge too far from European Union norms to consider giving it access to the bloc’s markets, a senior EU official said on Tuesday.

The UK has signed a pact with the EU to increase co-operation on financial services. / It will set up a forum where the EU and UK can meet twice a year to discuss financial regulation and standards.