Britain and the European Union (EU) took their first step since Brexit to cooperate on financial services, agreeing on a new forum to discuss market regulation. The move could help finance firms in London to eventually win back some access to the single market they lost when the U.K. left the EU.

The two sides have agreed to a memorandum of understanding (MOU) on financial services, the U.K. Treasury and European Commission said in separate statements Friday. The content and substance of the deal has been finalized, and the two sides are now working on the formal process of validation.

"Technical discussions on the text" have now been concluded, the U.K. Treasury statement said, adding that "formal steps need to be undertaken on both sides before the MOU can be signed, but it is expected that this can be done expeditiously."

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