EU rejects UK's post-Brexit trade deal for financial institutions
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The European Union has rejected a trade deal put forward by the City of London which had called on the United Kingdom and the EU to allow cross-border trade in financial services including insurance by continuing current passporting rights post Brexit, International Business Times reported citing media sources. About 37% of Europe's financial assets are managed in London, amounting to a combined £5.3 trillion ($7.4 trillion).
