However, with a view to the financial services sector, a far-reaching free trade agreement is rather unlikely given the UK’s aspired exit from the single market and the customs union. Likewise, I am rather sceptical about the approach via mutual recognition or about similar approaches based on regulatory harmonisation through technical committees and independent arbitration mechanisms.
Approaches of this kind could well undermine the ability of jurisdictions to set their own rules and 1/4  BIS central bankers' speeches  the ability to safeguard financial stability. The options that remain on the table are a “no deal” scenario or one with quite limited freedoms for financial services, as in the case of CETA.