The Bank of England governor, Mark Carney, said this week that Britain's future trading relations in financial services with the EU could be a template for a global regulatory system.  Mr Carney said he expects the EU to give "serious consideration" to equivalence with Britain given that the country will already be compliant with European rules and that this “is the way forward for the global financial system”. He admitted that there will be some business that migrates in response to suggestions that clearing in euro-denominated derivatives could shift from London, but that it was debatable whether all derivatives activity would follow shifts in clearing and that there was no need for clearing to take place in the jurisdiction of an asset's currency. In the meantime, however, Mark Garnier, the UK’s trade minister, has said that passporting is unlikely to continue after the UK leaves the EU and that equivalence was probably not going to be "good enough" for banks.