Mr Bailey expressed cautious optimism that the UK and EU will reach an agreement on allignment of financial services between the two jurisdictions after Brexit happens.
He said a deal “is in the interests of all sides. Closing off markets is an own goal. The rules do not need to be the same line by line but we can reach an agreement”.
“As a public official I take no position on Brexit, but I think it is in everyone’s interest that an agreement is reached.
“Open markets are good for financial market stability, protectionism is bad for the stability of markets. We should be able to get to a point where there is equivalency between the two jurisidictions on day one.”