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How the Brexit Agreement Failed the Financial Services Sector
Published 2 months ago
Over the Valentine’s weekend, it was announced that during January, the first month that the new Brexit-related changes came into force, Amsterdam overtook London as the largest financial trading centre in Europe. Approximately €9.2bn (£8.1bn) worth of shares were traded on Amsterdam’s exchanges each day in January, against €8.6bn in London. How did that happen and why is Brexit to blame?
The Brexit deal for the Financial Sector
The Christmas Eve Brexit agreement delivered an unfair market for UK companies in the Financial Services Sector. The deal meant we were left in a situation where EU-based banks wanting to buy European shares cannot trade via London. EU shares that were previously traded in the UK have moved to the EU on advice of the European regulator. In addition, EU FinTech companies can operate in the UK but, as ‘equivalence’ (agreeing to recognise each other’s regulat
| UPDATED: 22:55, Mon, Dec 21, 2020
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The Brexit transition period is set to end this year on December 31, 2020. With the coronavirus pandemic having already had a huge impact on personal finances for millions, many may wonder what the new rules from January 1, 2021 could mean for them.