In January, Amsterdam took London’s crown as Europe’s largest centre for share trading in the latest post-Brexit blow to the City. Less commented upon was the 8 February decision by the Intercontinental Exchange to shift trading of its carbon emission contracts, which trade an average of €1bn each day, over the North Sea to its Netherlands-based operation.
Both developments are a result of the failure of the UK government to secure “equivalence” from the EU for its financial services rules. This makes it much more expensive for London-based firms to offer a whole range of financial services to their EU-based clients – often prohibitively so.
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