London — The trade deal that both sides of the English Channel say reflects a new era of co-operation is essentially a sideshow for the City of London, which is still awaiting its own seal of approval from the EU.

EU officials must rule separately that British financial regulations and oversight are strong enough to create a level playing field. Without that, a steady leakage of business — already under way in some areas — may become a daily reality for the UK’s finance industry...

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