Hear a bugle sounding a retreat? The threat of a no-deal Brexit has put UK and EU stock market regulators on battle stations.

In March the European Securities and Markets Authority (Esma) warned that EU fund managers would have to use exchanges on the continent — rather than London venues — to trade 14 important London-listed stocks. On Wednesday it admitted defeat and tore up the plan. That was positive for investors. They may still suffer collateral damage in a Brussels/London stand-off...

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