Brexiters: "Let's just sign any old Brexit deal. Financial services can wait until next year. It's not as if the City is going anywhere."
Banks and exchanges: "Click [Transfer] button. Done."
And just like that, London lost its crown for stock trading, derivatives trading etc.
Banks and exchanges: "Click [Transfer] button. Done."
And just like that, London lost its crown for stock trading, derivatives trading etc.
"Amsterdam overtakes London as Europe's top share trading centre" https://www.theguardian.com/business/2021/feb/11/amsterdam-overtakes-london-as-europes-top-share-trading-centre
"Derivatives trades worth billions flees London for New York post-Brexit"
(Only left because London offers zero benefit as a location now we're out of the EU. Money doesn't care about geography, only legal and regulatory environment.) https://uk.finance.yahoo.com/news/brexit-london-new-york-swaps-trading-derivatives-075711621.html
(Only left because London offers zero benefit as a location now we're out of the EU. Money doesn't care about geography, only legal and regulatory environment.) https://uk.finance.yahoo.com/news/brexit-london-new-york-swaps-trading-derivatives-075711621.html
"London Finance Takes Another Hit as Carbon Market Goes to EU" https://www.bloomberg.com/news/articles/2021-02-08/london-finance-takes-another-hit-as-emission-trading-moves-to-eu
"City of London’s Brexit Tab Rises With Stock and Swaps Moves" https://www.bloomberg.com/news/articles/2021-02-12/city-of-london-s-brexit-tab-rises-with-stock-and-swaps-moves
"City firms move ÂŁ1.2tn and 7,500 jobs out of London" https://www.irishtimes.com/business/financial-services/city-firms-move-1-2tn-and-7-500-jobs-out-of-london-ey-1.4369451
So that's stock trading, swaps (derivatives) trading, swaps clearing, carbon trading, assets and jobs, all draining away from the City due to Brexit.
At some point, a billion pounds here, a trillion pounds there, it all starts to add up to real money...
But the fish are happy!
At some point, a billion pounds here, a trillion pounds there, it all starts to add up to real money...
But the fish are happy!