Note

UPDATE 1-Euro share trading exits London for EU

Verified Media
· Views 10

(Adds more detail)

LONDON, Jan 4 (Reuters) - Trading in euro-denominated shares shifted from London to new platforms in the European Union on Monday, the first day of trading since Britain left the bloc’s single market.

Britain’s unfettered access to the EU ended on Dec. 31, cutting off the City of London from much financial activity in the bloc. EU banks and asset managers must use a platform inside the bloc for trading euro-denominated shares from Monday.

Trading on Cboe Europe and London Stock Exchange’s Turquoise units in Amsterdam, and on Aquis Exchange’s new Paris platform, grew steadily in opening trade, with no glitches so far.

Data from Cboe, Europe’s biggest cross-border share trading platform, showed that its Amsterdam unit had traded shares worth 108 million euros by 0840 GMT, or 3.6% of the European market.

Aquis had traded 107 million euros in shares in Paris, more than three times the volumes it was trading in London.

“At this moment, 99.6% of the business has shifted in a clean shift,” Aquis said.

Turquoise’s Paris unit had traded 28 million euros, compared with 32 million euros in London.

No European trading had taken place on the three EU hubs until the shift Monday. Trading in non-EU listed shares remains in London.

“I don’t think there has been any impact from this switch,” said Keith Temperton, equity sales trader at Forte Securities. “It has been planned for years.” (Reporting by Huw Jones and Thyagaraju Adinarayan; Editing by Rachel Armstrong and Jan Harvey)

Our Standards: The Thomson Reuters Trust Principles.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.