London lost its place as Europe’s largest stock trading center to Amsterdam. This is one of the impacts of Brexit.
In January, around 9.2 billion euros were traded daily on the Euronext Amsterdam and the Dutch CBOE and Turquoise platforms. This is more than four times what it was in December.
At the same time, trading volumes on the London Stock Exchange decreased to 8.6 billion euros. Thus, the British capital lost the title of European Financial Center.
As the British press commented, this is a symbolic moment, as the declines show a certain trend related to the withdrawal of some investors from the London Stock Exchange at the end of the post-Brexit transition period on December 31, 2020. In January, 6.5 billion euros of transactions from London hit European stock exchanges.
The new trade agreement between the European Union and the United Kingdom – concluded on December 24, 2020 – does not cover financial services, which means that European Union investors do not have Brussels approval to trade with the UK in many Airbus companies.
Work is currently underway on a financial services synergy plan due to be completed in March, but the European Union is reluctant to grant UK “parity” law.
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