Lawyer Blames The Absence Of Clarity About Financial Services In TCA

A leading lawyer says that the news that London is losing out to Amsterdam as the premier share trading hub is worrying, but not surprising given the lack of detail about the future relationship of financial services between the EU and UK contained in the Brexit trade agreement.

According to a report in the Financial Times, the latest data from CBOE Europe found that Amsterdam overtook London as Europe’s largest share trading centre last month.

It revealed that an average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a significant increase from December.

Meanwhile volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market.

The shift in power is being caused by the fact that the EU currently does not recognise the UK exchanges and trading venues as having the equivalent supervisory status as its own. 

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