John Armour discusses the impact of Brexit on financial services. He argues that 'the best outcome for the UK, absent breaking the deadlock on free movement, would be for a negotiated agreement on financial services that offers something more than the patchwork of equivalence provisions...providing  'a more enduring foundation for access by its firms than a unilateral equivalence determination by the Commission' and covering 'payment services, banking activity, and wholesale insurance' in addition to wholesale markets. He also argues that transitional arrangements would be highly desirable.

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