Germany to mitigate fallout of a no-deal for UK banks

Germany is trying to mitigate market turmoil from the UK leaving the EU without a deal by giving British financial firms a chance to continue operations in the country and making relocation more viable.

As the bloc girds itself against potential fallout from the UK’s political crisis, chancellor Angela Merkel’s cabinet approved new rules that allow Bafin, Germany’s financial regulator, to set transition arrangements for UK banks, insurers, and other financial companies to the end of 2020.