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geemong · Super member Geregistreerd op: 01 Feb 2021 Berichten: 45

Brexit: London loses out as Europe's top share trading hub

Amsterdam ousted London as the largest financial trading centre in Europe last month as Brexit-related changes to finance rules came
into force.

About €9.2bn (£8.1bn) worth of shares were traded on Amsterdam exchanges each day, against €8.6bn in London.

Following new Brexit rules, EU-based banks wanting to buy European shares currently cannot trade via London, meaning a loss of fees for
City firms.

Bank of England chief Andrew Bailey has warned the EU not to cut off London.

On Wednesday, Mr Bailey said there were signs that the EU planned to cut the UK off from its financial markets.

Following the new Brexit trading rules coming into effect, there are talks to harmonise rules over financial regulations - so-called
equivalence

Both sides are working towards a March deadline to agree an "equivalence" regime under which the UK and Europe would recognise
the other's regulations.

Number 10, said it remained "open" to discussions with the EU on the equivalence issue.

"Despite the fact that we've supplied all of the necessary paperwork and are one of the world's most preeminent financial centres, with
a strong regulatory system, the EU still haven't granted us full equivalence."

"This has meant that some EU shares that were previously traded on UK venues have moved to the EU venues on advice of the European
regulator, but our position is fragmentation of share trading across financial centres is in no one's interest," it added.

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