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Image copyright AFP Image caption The City is wary of what Mifid 2 will usher in "Potentially this could be a way through the mire," says David Biggin, an adviser at PA Consulting. "For a lot of the companies talking about relocating, actually this rule might allow some light at the end of the tunnel. It's a technocratic decision rather than a political decision. It is a way forward." However, not everyone thinks "equivalence" will save the City's bacon if it finds itself with less favourable access to the EU than it has today. "The main drawback is it can be withdrawn unilaterally at any time," warns the BBA's Anthony Browne. He has other concerns too. "This would be a political process done at a time when the UK is negotiating its divorce arrangements from the EU, and when it's thinking about negotiating a trade deal with the EU. The chance we would get agreement on equivalence, to come in the day the UK leaves the EU, seems hopeful at best." Roadblock fears The experience of some countries already outside the EU seem to bear that fear out. Several have already applied for "equivalence" status under previous financial rules. Guernsey is one of them.