At the other end of the spectrum there is the scenario of striking no deal on financial services, combined with the supervisory requirement of something known as “subsidiarisation” – that is, the establishment of independent subsidiaries in each other’s market. Equivalence would remain largely unchanged. I call this the “subsidiarisation option".
In between lie several combinations of quite limited financial services agreements – that are 2/5  BIS central bankers' speeches  less encompassing than CETA – plus a less ambitious revision of the equivalence regime, ie an extension of the law-by-law approach to encompass other regulatory areas that are currently not out of scope.