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EU watchdog to clarify share trading after full Brexit

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The European Union’s securities regulator said it expects to make a statement soon on where shares listed in the bloc must be traded after Britain’s full departure from the European Union in December.

It was important for market participants to have clarity on where they can trade shares, Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), told the European Parliament.

Britain left the bloc last January but still has full access to the single market until Dec. 31 under transition arrangements.

Brussels is assessing whether to grant “equivalence,” or continued full access for UK share trading platforms, to EU investors or cut off the City of London.

Without equivalence, EU investors would trade EU shares inside the bloc under its share trading obligation (STO) rule.

EU states are divided over whether to make the STO more flexible given that investment funds in the bloc are heavy users of deep liquidity in London trading platforms.

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