London’s Future as a Global Financial Centre Assured Post-Brexit Era No Matter What The EU Do …

In those sections of mainstream media that strongly supported the UK’s remaining in the European Union bureaucratic dictatorship much has been made recently of the news that as a result of Brexit, Amsterdam has replaced London as the EU’s biggest trading hub for stocks and shares. The Remainer news organisations are portraying this as a disaster for the UK financial services industry, but is it. London is still a far bigger financial trading centre that Amsterdam, it has simply lost its place as the EU’s biggest because UK is no longer part of the EU. See what the dishonest Remainers did there?
I could explain what has happened in financial markets but someone has alreasdy done the job:

from ateaminsights.com
authored by John R Bryson

Picture: via ateaminsights.com

Recent newspaper headlines have declared that ‘Amsterdam ousts London as Europe’s top share trading hub’. This has been seen as another downside of the UK leaving the UK. Amsterdam has become Europe’s most important hub for trading shares with London pushed into second place. For Amsterdam, this was a dramatic shift for a city that in November 2020 was fifth behind Paris, Frankfurt, and Milan.

There are many ways of reading this shift. On the one hand, in Brexit terms, it is perhaps surprising that London remains in second place rather than being pushed down the list of European share trading centres. On the other hand, it is perhaps surprising that Amsterdam has surpassed Paris and Frankfurt. This really should have been a story about the emergence of a new European Global Financial Centre that would displace London and compete on equal terms with New York and Shanghai.

Amsterdam’s emergence as the primary centre for European share trading suggests that the European Union will never develop a global financial centre that displaces London for four reasons.

First, the European Commission (EC), and the member states, would have to agree to focus all financial service activities in a single centre. A decision would have to be made to position Amsterdam, Frankfurt, Paris, Milan, or Dublin as the emergent European Global Financial Centre. The politics within the EU would never enable such a decision to be made. Europe will continue to have several smaller competing financial centres … Continue reading >>>

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