6 billion euros from City Trading ships ship to EU

0
38


Nearly € 6 billion in EU share swaps were moved from London to the continent yesterday, in the first session since the end of the Brexit transition period.

Trading in stocks such as Spain’s Santander and German Deutsche Bank – listed in the block – has moved to European markets and exchanges, notably Paris and Frankfurt, according to data from Refinitiv. The volume represented one sixth of all business on trade in Europe.

It follows the UK’s exit from the EU and the end of the transition period on December 31, which lost the city its rights to access the single market.

The EU has not allowed investors from inside the bloc to trade in companies such as Airbus from the British capital.

The three largest sites in the city that manage European stocks have seen almost all of this activity move to the EU. According to Bloomberg, 99.6% of Aqius Exchange’s European stock transactions have been transferred to its Paris site.

Cboe Europe made a 90% transfer to its Amsterdam site – accounting for more than € 3.3 billion in transactions – and 92% of the London Stock Exchange Group’s transactions on Turquoise took place in Europe at 3 p.m.

All three companies set up their new European locations late last year, but received little use before the end of the Brexit transition period.

The city of London has always been at the heart of cross-border equity trading, with around a third of all EU shares traded on the continent.

LEAVE A REPLY

Please enter your comment!
Please enter your name here