A $240-Billion-a-Day Market Is Leaving London Over Brexit

[Julian Englis]

Source: Bloomberg

The City of London is being dealt another Brexit blow.

CME Group Inc. is moving its European market for short-term financing, the largest in the region, out of London because the exchange operator wants to guarantee continental firms can continue to use it if there is a no-deal Brexit.

The decision, which was taken before CME took over the business from NEX Group Plc last week, is the first example of a major financial market leaving the U.K. While every sizable trading venue has set up a regulated entity in the EU because of Brexit, BrokerTec -- as the business is known -- is the first to move an existing market from London to a continental European city: Amsterdam.

“All of our euro-denominated bonds and repo will move to Amsterdam,” John Edwards, managing director of BrokerTec Europe, said in an interview. “We saw no benefit in splitting liquidity pools. Our U.K. business will not be able to provide services to the European clients.”

Read more: https://www.bloomberg.com/news/articles/2018-11-06/a-240-billion-a-month-market-leaves-london-because-of-brexit

---

Putin & Brexit hurt the UK again.

[Turbineguy]

1. "We've got the best

tax evasion system ever created!"

According to "Netherlands Second".

[hedda_foil]

2. What's the likelihood that the U.K. economy will crash due to Brexit?

[Hortensis]

3. Amsterdam, still on the Atlantic side of the continent.

An hour by air from London, about 4 by train. 8 hours to NY. A leader in dealing with sea level rise.

There's been a lot of talk about where the giant global financial center in London might relocate post-Brexit, and some businesses have apparently already moved to Amsterdam.

New York's still apparently the biggest, barely, just ahead of London, then Hong Kong, Shanghai, etc., etc.

[Lucky Luciano]

4. The Repo market is huge. A real blow to the UK. nt

[LeftishBrit]

5. As I've been saying since June 2016

we will go down in history as the only country to vote economic sanctions on ITSELF.