Banks Warn Britain and EU of Chaos: Express

The transition period for Britain’s relationship with the European Union and membership privileges end in December, and Brexit talks are at a stalemate. “Any future direct EU access after the transition period is over will be decided by whether Brussels feels the UK regulation is ‘equivalent’ to the standards set in the trade bloc,” reports Manon Dark for the Daily Express. The Association for Financial Markets in Europe warns of potential financial chaos if the two sides do not reach a deal by the deadline. “AFME also said that a two-way access in stock and derivatives trading was needed to minimise disruption,” Dark notes. “The group has asked for a formal framework for EU and UK regulators to ameliorate differences that could harm access.” Brexit talks are planned throughout the summer. The British government suggests that extension of the transition period is not required. – YaleGlobal