If you thought the four years it took Europe and the US to agree equivalence of their respective clearing regimes was a heated and protracted affair, wait until the sparks fly over Brexit. Here are five things you need to know about "equivalence" and why it matters to UK financial institutions.

If, as many expect, the UK does not remain part of the European Economic Area, then it will need to write its own laws to mirror those in the EU if it wishes to retain access to the single market.