Brexit: Amsterdam overtakes London as Europe’s top share trading centre

Duper’s delight: Admittedly it was Andrea Leadsom, not Boris Johnson, who gave us the soft soap about Brexit leading us into “sunlit uplands” – but he was the figurehead for it. Surely he must have known it was a lie?

Didn’t the Brexiteers say this could never happen and that London would remain the financial centre of Europe (if not the world) no matter what?

Average daily trading halved from €17.5bn to €8.6bn last month, according to data released by the CBOE exchange – while trade in the Dutch capital surged from €2.6bn to €9.2bn as exchanges shifted order books abroad after Brexit.

It has happened because Britain failed to gain equivalence with the EU or strike a comprehensive trade deal covering financial services, meaning exchange operators such as the CBOE and Turquoise had to move their order books abroad by January this year.

The actual impact is small:

The change can be compared to moving a computer that processes online store orders from one city to another. While the computer has moved, all of its customers and suppliers are still in the same place. Likewise, while share trading has shifted, most of the traders, brokers and asset managers are still in London.

But the symbolic impact is huge.

Brexit is stripping the UK of its established place in the world. Thanks to Tories like Boris Johnson, the country is losing all of the power and prestige that ordinary people worked so hard to give our rich bosses.

In fairness, this decline may ultimately be good for us.

It might finally give apathetic Brits the kick up the backside they need to end the rule of the overprivileged few, introduce a fairer system that rewards those who actually contribute, and earn a return to the top.

But I won’t hold my breath waiting for it.

Source: Amsterdam overtakes London as Europe’s top share trading centre | Financial sector | The Guardian

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1 thought on “Brexit: Amsterdam overtakes London as Europe’s top share trading centre

  1. Hecuba

    No worries the fascist tories have ensured their huge wealth is safely secured in off shore tax havens! So it has happened – little england is now indeed a fourth world little backwater!

    Well done fascist tories and the stupid brexiters for destroying our eonomy!

    Reply

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