Swiss financial markets watchdog FINMA said Wednesday it now recognises various British trading platforms, lifting restrictions that had applied while the UK was an EU member.

The decision to allow British trading venues to buy and sell shares in Swiss companies came following an update to a list established in January 2019, a Finma statement said.

It was drawn up owing to a difference between Switzerland and the European Union over mutual recognition of financial market regulations.

After Britain left the EU, the UK was taken off the list of countries awaiting recognition "for supervisory purposes by FINMA", or the Swiss Financial Market Supervisory Authority.

Last week, the British and Swiss finance ministers met via video conference to "deepen cooperation on financial services" according to a statement issued by the UK Treasury.

Talks were planned to deliver "a comprehensive mutual recognition agreement that would reduce costs and barriers for UK firms accessing the Swiss market, and vice versa," it added.

On Wednesday, Swiss stock market operator SIX welcomed the approval of UK trading venues.

SIX chairman Thomas Wellauer said in a statement that "the mutual recognition of equivalence will permit a healthy exchange and competition between the major financial centers in Switzerland and the UK."

noo-wai/bmm