The Amsterdam Stock Exchange has ousted the City of London as Europe’s biggest share trading centre amid a Brexit-inspired shift of business to the continent.

According to an FT report, the Euronext Amsterdam and the Dutch branches of CBOE Europe and Turquoise recorded an average of €9.2bn (£8.07bn) shares traded per day in January, more than four times the December figure, alongside a sharp drop in volumes in London to around €8.6bn (£7.5bn) in the same period.

The shift has been sparked by a ban on EU-based financiers from trading in London as the bloc has yet to recognise that exchanges and trading venues in the UK have the same supervisory status as its own post-Brexit.

In the absence of the equivalence, around €6.5bn (£5.7bn) immediately shifted to the EU after the Brexit transition period ended on December 31, although some analysts have said this decline in deal volumes may not necessarily mean an exodus of jobs out of the City.

However, London has already begun looking elsewhere to make up the shortfall, having recently lifted a ban on the trading of Swiss stocks such as Nestle and Roche, which is currently prohibited in the EU, although as discussions between the UK and the bloc progress on the status of financial services the City could find itself granted cross-border access once again if equivalent regulations can be agreed.

Shares in London Stock Exchange Group PLC (LON:LSE) were up 0.5% at 9,626p in early trading on Thursday.

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