Brexit boosts bond trading in Amsterdam Financial

London lacks an online platform on which 210 billion euros of short-term financing and bonds are exchanged each month.

The departure of this money market is explained by the threat of a Brexit without agreement between the EU and the UK. . The Brexit will begin next March

This concerns in particular the trading platform BrokerTec Europe, which is part of the NEX group acquired by the Chicago Mercantile Exchange (CME). It has already been established in Amsterdam, where twelve people work

"All our bonds listed in euro and our short-term financing goes to Amsterdam," confirmed John Edwards of BrokerTec Europe to Bloomberg. It will begin to be used next February.

Ninety-four people work at BrokerTec Europe in London

The 210 billion euros that pass through the trading platform represent a relatively limited volume of trade, such as the experts said Tuesday night. 19659002] This decision follows the acquisition approved last week of the purchase of NEX Group by the Chicago Mercantile Exchange at $ 4.96 billion.

According to analysts, the choice of CME has a lot of symbolic value. market value of $ 63 billion.

This is the first major market to actually leave London under the pressure of Brexit, the exit of the United Kingdom from the European Union

The whole market is changing

European customers will not be able to serve them from London without the need for an agreement on Brexit. NEX is still awaiting regulatory approval.

The stage of CME's obligations is not in itself. The AFM announced last week that about 150 platforms would like to travel to Amsterdam because of Brexit. These would represent 30 to 40% of specific equity transactions.

CBOE, the largest stock exchange in Europe, previously announced in the Dutch capital.

The Fear of Increased Costs

This spring, it was learned that a dozen other traders and market makers have established themselves as service providers. London for the financial sector in Amsterdam

The major stock exchanges have repeatedly warned the negotiators on behalf of the EU and the UK of the imminence of a dual trade flow, spread over the island and Europe, with increasing costs for business customers and ultimately the consumer.