London’s financial center is fighting the exodus

City of London

The financial center of London is suffering from Brexit.

(Photo: REUTERS)

London For the London financial industry, 2021 started with a shock. Around six billion euros of daily trading volume migrated from London to Amsterdam, Paris and other EU locations on the first trading day of the year. The British financial center lost almost half of its stock trading in one fell swoop.

“A spectacular own goal,” said Alasdair Haynes, head of the London stock exchange operator Aquis Exchange, to the financial service Bloomberg. Europe has clearly won the battle for stock trading. David Howson, president of competitor CBOE Europe, agreed: “EU equity trading is gone and will not come back.”

That the loss was not unexpected is little consolation. It is the most visible price for Brexit to date. The market turmoil feared by some did not materialize, but sentiment in the banks and fund houses is depressed.

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