The transcript discusses the uncertainty surrounding financial negotiations and the preparedness of banks for potential outcomes, particularly the lack of focus on financial sector equivalence. It highlights the impact of no equivalence on business operations, leading to a shift from London to other European centers. The conversation also compares the competitive positions of UK and US banks, noting the challenges UK banks face due to ring fencing legislation and dividend restrictions, which have affected their market share in investment banking.

What is the main concern for banks regarding the ongoing negotiations?

• The lack of financial sector equivalence

• The focus on state aid and fishing

• The increase in interest rates

• The impact on retail banking

How have UK banks prepared for the possibility of no equivalence?

• By increasing their presence in Asia

• By establishing subsidiaries in other European countries

• By focusing on domestic markets

• By merging with US banks

What advantage do US banks have over UK banks in the current market?

• Higher interest rates

• No dividend restrictions

• More branches in Europe

• Better technology

What legislation affects UK banks' investment banking operations?

• Dodd-Frank Act

• Basel III regulations

• Ring-fencing legislation

• MiFID II

Which banks have been increasing their market share in Europe?

• Middle Eastern banks

• UK banks

• US banks

• Asian banks