The Future of U.K. Banking Rests on a Process Run by European Politicians 

London’s fight to remain a global financial hub rests on a once-obscure process controlled by politicians in Europe known as “equivalence.” The European Union will consider about 40 equivalence decisions this year, determining how much investment banking business can stay in the U.K. and still serve EU clients. The decisions will be mulled against a backdrop of potentially fraught talks over the U.K.’s trading relationship with the EU once it leaves the bloc at the end of 2020.