LONDON - Amsterdam has displaced London as Europe’s biggest share trading centre after Britain left the European Union’s single market, and picked up a chunk of UK derivatives business along the way, according to data published on Thursday.
The City of London had long warned of the consequences of leaving the EU single market without adequate provisions for trade in services, and notably finance, which accounted for more than 10% of UK tax receipts before Brexit. Separate data published on Thursday showed how chunks of trading in euro-denominated interest rate swaps have shifted from London, the world’s biggest swaps trading centre, to platforms in the EU and New York since January.
Britain has not yet secured that “equivalence” because Brussels says it needs information about Britain’s intentions to diverge from EU rules. “For the foreseeable future, all three jurisdictions will have trading venues that offer all currencies in such volumes that keep the DTO in all currencies,” Tilman Lueder, head of securities markets at the EU executive, told a Bloomberg event.FILE PHOTO: Overview of Amsterdam's stock exchange interior as Prosus begins trading on the Euronext stock exchange in Amsterdam, Netherlands, September 11, 2019.
kind of meaningless stat. bit like saying Osaka is leading centre for BitCoin....just digital transactions being tallied up by computers, which have to pretend to be located in a particular location for regulatory reasons...
Go Brexit. What a brilliant idea!
Boris Brexit disaster.
Did they get the bus too?
Misinfo gave America Trump..and England Brexit!!
Brexshit the gift the never stops giving
Congratulations, UK. Well done.