Brexit forces equity, forex markets to leave London
LONDON: Two key markets are moving out of the UK as Brexit forces finance firms to put more of the region’s trading infrastructure on the continent.
CME Group Inc will move its foreign-exchange forwards and swaps venue, which has trading volumes of about US$15bil a day, from London to Amsterdam, while Cboe Global Markets Inc will shift most European equities trading to its market in the Dutch capital after Brexit.
The latest moves follow CME’s decision last year to move its �200bil (US$227bil) short-term financing market to Amsterdam. As trading venues shift activity to the continent to comply with requirements that European trading is conducted on an approved European market, Cboe is heading toward Amsterdam to protect liquidity.
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