Articles

Amsterdam becomes Europes largest share trading hub

Amsterdam becomes Europes largest share trading hub

Figures for Europe's share trading in January has shown that most of the equities business lost by the UK has moved to Amsterdam.

Euronext Amsterdam, CBOE Europe (Amsterdam) and Turquoise (Amsterdam) experienced January volumes which were up 4 times on their December volumes. Shares traded in Amsterdam averaged €9.2bn a day, compared with London which fell to €8.6bn. Paris, Frankfurt and Milan picked up some of the trading which would have normally been carried out in London, but at lower volumes than each hoped for.

Amsterdam has also picked up swap and sovereign debt activity from London, for example CBOE have chosen the city to set up a derivatives trading business and Intercontinental Exchange (US based)are moving their carbon emissions trading market (although clearing will stay in London).

Whilst it is looking unlikely that Equivalence will be granted to the UK by the EU, it is possible that a memorandum of understanding may be agreed as early as March to allow EU share trading to return to London.