Amsterdam surpasses London as the largest financial market in Europe

Amsterdam surpasses London as the largest financial market in Europe

Brexit effect also on the City, which loses its scepter as a hub for stock exchanges of the old continent due to the lack of agreement between financial institutions

Stock prices on an analyst's computer Photo by Pexels from Pixabay A pass historic took place among the European financial markets in January: Amsterdam became the richest trading center and surpassed London in economic volume. The umpteenth effect of Brexit, which became final as of January 1, is due to a lack of agreement between the financial institutions of the European Union and the United Kingdom. The first result was an immediate landslide in business for 6.5 billion euros from one side of the North Sea to the other. An amount equal to half of the business normally managed by banks and brokers in the City, reports the Financial Times.

In particular, in the first month of the year an average of 9.2 billion euros was exchanged in shares per day on the Euronext stock exchange in Amsterdam and at the local markets of Cboe Europe and Turquoise, with an increase more than fourfold compared to December. On the other hand, volumes traded in London dropped sharply to a total of € 8.6 billion, displacing the United Kingdom from its historic position as the main European financial hub. According to Cboe, the main options market with headquarters in Chicago, which also has offices in the two European cities. According to the same numbers, the Dutch stock exchange was around 2 billion euros in December, more or less like Milan.

The European Union believes that UK trading venues do not have the same supervisory status as its own, so a ban imposed on European financial institutions operating in London has favored this shift. The governor of the Bank of England points the finger at Brussels which, by denying the equivalence of financial services between the two sides, is trying to cut the UK out of the markets. The two sides should sign a memorandum in March to reconstruct the situation.

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