Ouch, that had to hurt.
City of London Just Lost a $240-Billion-a-day Financial Market.
The City of London was just dealt its biggest Brexit-related blow following an announcement by American financial markets operator CME Group that it is shifting its European market for short-term financing, the largest in the EU, out of London to Amsterdam. Worried about the dense fog of regulatory uncertainty hanging over London’s future, the firm wants to ensure that its continental clients can continue using its services even in the event of a no-deal Brexit in March.
The decision was apparently taken before CME’s acquisition of BrokerTec — as the company is known — from NEX Group PLC was given the green light by UK market regulators last week. It is the first case of a major financial market leaving the UK over Brexit fears. Although all large London-based trading venues have set up a regulated entity in the EU in…
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