EU share trading flees London on first day after full Brexit

Paywall I’m afraid

This is going to be in the same category as David Davis saying there was no reason that London could not continue to host the Europeaan medicines Agency or the European Banking Authority.


Advertising you mean?

I believe the banks set up EU entities ready for this ages ago.
Same story, poss no paywall (at first).

Read that article this morning on my phone. Although not a huge loss in revenue for HM Treasury, it probably does represent the beginning of a slow ebb of financial service activity away from London to the more distributed financial centres of the EU. Just wait until the EU require the data to be held and transit on EU-based servers, and then the exodus will ramp up. I noticed that the trade deal Johnson struck allowed the UK to keep that data in the meanwhile while the future framework for financial services was to be discussed between the EU and the UK - nice bit of leverage to wield by the EU in the upcoming equivalency negotiations.

1 Like

I am sure that they did - I’d seen the Bloomberg article yesterday, while Aquis saw significant movement away from London I note that it was “to its parallel venue in Paris” so I am sure the impact on many companies overall will be low.

But, as Alex says, it is not just about dealers protecting themselves from loss of revenues - it is about how London is viewed in the financial communities, and that will only act to slowly reduce its influence. That will not just be a loss of revenue to the UK and HM government because of the loss of share trade but will have ramifications all over the economy.


I read it on the day. No surprises really and just the start IMO.