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European Union’s (EU) chief Brexit negotiator, Michel Barnier, said on Thursday that the EU needs further clarification from the United Kingdom (UK) before making a decision on financial services equivalence, as reported by Reuters.

Additional takeaways

“National authorities will be vigilant on possible circumvention by financial services companies.”

“There is obviously a time of Brexit adaptation of a few weeks or months.”

“It will not be business as usual in the long term.”

“The negotiations are finished, no new negotiations.”

Market reaction

These comments don’t seem to be impacting the GBP’s performance against its rivals. As of writing, the GBP/USD pair was unchanged on the day at 1.3826.