Commenting on the conclusion of the first EU-UK summit held today, Adam Farkas, Chief Executive of the Association for Financial Markets in Europe (AFME), said:

“The positive outcome from today’s first EU-UK summit is a significant step forward in renewing and strengthening the bilateral relationship between the European Union and the United Kingdom. The summit has achieved meaningful progress in critical areas - defence, energy, and security. We hope that these commitments will pave the way towards future discussions for cooperation in other areas as well. Both the EU and UK could benefit from increased cooperation in the field of financial services. Reducing operational frictions for financial services firms who operate across both jurisdictions will bring significant economic benefits and we look forward to engaging in conversations on how this may materialise in practice over the coming years.

“More specifically, AFME welcomes the decision to begin work towards linking the UK and EU Emissions Trading Systems. A linked carbon market would support liquidity, improve market efficiency, and strengthen the carbon price signal across both jurisdictions, helping accelerate the transition to net zero.”

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