February 10, 2022
LONDON (Reuters) – The European Union has no need to set a time limit for how long it will treat British regulation of clearing houses as being equivalent to its own, Bank of England Governor Andrew Bailey said on Thursday.
Bailey told an annual dinner for British financial services lobby TheCityUK that he welcomed this week’s EU decision to extend temporary equivalence, meaning EU market access for Britain’s clearing houses by three years to June 2025, and said he would continue to cooperate with EU regulators.
“But I have to say that maintaining a shared deep commitment to open markets and open financial systems with strong and appropriate regulatory standards and cooperation to support them means that there need be no time limit to this equivalence,” he said.
(Reporting by David Milliken, editing by Huw Jones)
Source: One America News Network
