Andrew Bailey of the FCA discusses open financial markets

The FCA has published a speech by its Chief Executive, Andrew Bailey, in which he spoke about open markets through the prism of Brexit, including the prospects and reasons for a transition period and what the steady-state future could look like.

Bailey highlighted the paramount need for financial stability and argued that this would be best achieved by a transition period,  by achieving certainty on what the future status quo would look like, and by a status quo that maintained access to global financial markets. Bailey hailed mutual recognition over even equivalence as securing a stable platform for future operations.