AIRLINK 196.50 Increased By ▲ 2.94 (1.52%)
BOP 10.05 Increased By ▲ 0.10 (1.01%)
CNERGY 7.92 Decreased By ▼ -0.01 (-0.13%)
FCCL 40.25 Decreased By ▼ -0.40 (-0.98%)
FFL 17.10 Increased By ▲ 0.24 (1.42%)
FLYNG 27.18 Decreased By ▼ -0.57 (-2.05%)
HUBC 133.70 Increased By ▲ 1.12 (0.84%)
HUMNL 14.16 Increased By ▲ 0.27 (1.94%)
KEL 4.67 Increased By ▲ 0.07 (1.52%)
KOSM 6.69 Increased By ▲ 0.07 (1.06%)
MLCF 47.34 Decreased By ▼ -0.26 (-0.55%)
OGDC 216.01 Increased By ▲ 2.10 (0.98%)
PACE 6.98 Increased By ▲ 0.05 (0.72%)
PAEL 42.00 Increased By ▲ 0.76 (1.84%)
PIAHCLA 17.30 Increased By ▲ 0.15 (0.87%)
PIBTL 8.48 Increased By ▲ 0.07 (0.83%)
POWER 9.65 Increased By ▲ 0.01 (0.1%)
PPL 184.70 Increased By ▲ 2.35 (1.29%)
PRL 42.79 Increased By ▲ 0.83 (1.98%)
PTC 25.11 Increased By ▲ 0.21 (0.84%)
SEARL 106.00 Decreased By ▼ -0.84 (-0.79%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.11 Increased By ▲ 4.01 (10%)
SYM 17.80 Increased By ▲ 0.33 (1.89%)
TELE 9.00 Increased By ▲ 0.16 (1.81%)
TPLP 12.98 Increased By ▲ 0.23 (1.8%)
TRG 67.58 Increased By ▲ 0.63 (0.94%)
WAVESAPP 11.65 Increased By ▲ 0.32 (2.82%)
WTL 1.82 Increased By ▲ 0.03 (1.68%)
YOUW 4.02 Decreased By ▼ -0.05 (-1.23%)
BR100 12,210 Increased By 165.7 (1.38%)
BR30 36,941 Increased By 361 (0.99%)
KSE100 115,239 Increased By 1201 (1.05%)
KSE30 36,245 Increased By 451 (1.26%)

The EU's chief Brexit negotiator Michel Barnier denied Thursday a report claiming that London and Brussels had reached a preliminary agreement covering financial services and data. The Times newspaper said a deal had been struck that would see UK financial services companies retain access to European Union markets after Britain leaves the bloc in March.
Such a deal would guarantee British companies access to EU markets as long as domestic regulations remained broadly aligned with those set by Brussels - an arrangement called "equivalence". Barnier called the report "misleading", while British Prime Minister Theresa May's spokesman played it down as "speculation".
"Misleading press articles today on Brexit & financial services," Barnier wrote on Twitter. "Reminder: EU may grant and withdraw equivalence in some financial services autonomously. As with other 3rd countries, EU ready to have close regulatory dialogue with UK in full respect for autonomy of both parties."
British government officials were more positive. May's spokesman called The Times report "speculation", but added: "While we continue to make good progress, agreeing new arrangements for financial services negotiations are ongoing." The pound started to rally following the report's publication. It extended those gains on a signal from the central bank that it stood ready to raise rates in response to early signs of the economy overheating.
Financial services are a major part of Britain's economy and access to European markets has been a key concern in the Brexit negotiations. Currently, the EU would be able to withdraw market access with a month's notice if it decides that a partner country no longer has equivalent financial services regulations.
The report in The Times suggested that neither London nor Brussels would be able to declare unilaterally that regulations had fallen out of equivalence and block access to their markets without first going through independent arbitration and a notice period "significantly longer" than one month.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.