A quiet, permanent shift in trading from London to the European Union ahead of B...
LONDON - A quiet, permanent shift in trading from London to the European Union ahead of Brexit is picking up speed as stock and bond platforms in Amsterdam and Paris crank into action.
Three weeks away from Brexit Day, it is unclear whether a deal will pass, whether Brexit will be delayed, or whether Britain will leave with no agreement at all.“The ship has sailed and market infrastructure has changed with people having made their decision, taken premises, hired staff and doing all the testing,” said Steve Grob, head of marketing at trading technology firm ION Markets.
But a shift in trading could act as a magnet that drags other business like clearing and listings across the English Channel, Grob said.The Association for Financial Markets in Europe estimated in a 2017 report that lenders held 1.1 trillion euros of derivatives, stocks and bonds on their trading books in London on behalf of customers in the 27 states that will remain in the EU.
“At the moment it’s incremental steps but with every week and month, it will add up to a lot and it’s one way,” said Rob Boardman, head of European equities at broker ITG.DUTCH SENSE Cboe Europe, which accounts for over a fifth of daily pan-European share trading or 8 billion euros, will trade all European Economic Area listed stocks in Amsterdam from April 1.
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