ICMA Quarterly Briefing, Q1 2022: EU/UK capital market fragmentation in a global context

At the end of the post-Brexit transition period on 31 December 2020, the UK left the EU Single Market, passporting rights ceased and the EU and UK markets became two separate markets. In the ICMA Quarterly Report, Paul Richards, Head of Market Practice and Regulatory Policy, considers the risk of capital market fragmentation arising between the EU and the UK and examines the scope for regulatory cooperation in future in a global context.