BoE's Carney: Equivalence is the way forward for the global financial system

BoE's Governor Mark Carney said during his testimony at the House of Lords, that he expects the European Union to give serious consideration to equivalence of UK financial regulation.

More headlines (via Reuters):

• EU equivalence mechanisms could allow banks to maintain business models, but could be taken away
• Says do not want to have our hands tied to import 'ad infinitum' financial rules made elsewhere
• No need for currency clearing to take place in currency's jurisdiction, Bank of Canada allowed Canadian dollar clearing to migrate to London