Equivalence is politics

Author: | Published: 23 Sep 2019

The B-word has been a storm cloud over Europe for three years now, and we are still nowhere near a deal that has reached consensus among the 27 increasingly hostile member states and a divided, yet at times nearing on nonchalant, UK government.

When speaking with anyone in the finance industry, the end-goal tends to be equivalence. Among various other benefits, equivalence reduces opportunities for jurisdictional arbitrage, which seems likely to take place should Britain crash out without a deal.

When it comes to equivalence, it is more than likely...