“The Brexit vote has cast doubt over US-EU initiatives to harmonise transatlantic regulation, with a senior Democrat and potential vice-presidential candidate warning against a return to a “patchwork” of global rules.
“Moves to co-ordinate rules and supervision have been central to boosting global financial resilience following the 2008-09 crisis. But the prospect of the UK leaving the EU has triggered worries in Washington that Britain and the rest of Europe will now take divergent paths.”
“For those of us who worry about financial reform, crashes and bail outs, having seen the UK already move away from sensible regulation to lighter touch regulation there is a concern that it will move from light touch to no touch to keep global banks from leaving.”
To read the full Financial Times article by Barney Jopson and Sam Fleming click here.