Britain Calls on EU to Open Financial Services Talks, Urging Bloc to Avoid Protectionism

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Britain’s finance ministry called on the European Union to open talks on financial services, after the London Stock Exchange on Tuesday urged the bloc to avoid protectionism.

Britain left the EU in December, largely cutting off the City of London’s financial services center from many of the markets it had formerly played a central role in.

Banks and other financial firms that used London as a gateway to Europe have set up units in the EU to avoid disruption for EU clients. Billions of euros in daily euro stock and derivatives trading have already left London for the EU.

Read more: Britain’s Financial Services Sector ‘Not Optimistic’ About Getting Access to EU Markets

Both sides have agreed to start a dialog via an informal forum for discussing financial rules, but it has yet to go live and Katharine Braddick, director of financial services at Britain’s finance ministry, said she hoped it was expedited.

“Once that memorandum of…

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