Brexit latest news LIVE – Amsterdam OVERTAKES London as Europe’s top share trading hub but experts say UK can recover


AMSTERDAM has overtaken London as Europe’s top share trading hub, it was revealed today.

The Netherlands’ capital has scooped up many of those investors eager to keep their cash inside in the EU after Brexit.

Although the shift isn’t ideal publicity so soon after the transition period, analysts have long-predicted such a development as an inevitable reshuffle of European finances in the months following Brexit.

And there is some optimism that Britain can actually capitalise itself, shaking up its own trading set-up and developing a more global outlook.

Anish Puaar, market analyst at Rosenblatt Securities, told the Financial Times “It’s symbolic in that London has lost its status as the home of EU share trading, but it has a chance to carve out its own niche on trading,”

“Fund managers will be more concerned with availability of liquidity and the costs of placing a trade, rather than whether an order is executed in London or Amsterdam,” Puaar added.

Follow our live blog below for the very latest on Brexit and the EU...

  • CONTINUED

    Michael Gove said the UK reserves its rights to do « whatever is required » to ensure fishermen are « backed up every step of the way » over post-Brexit arrangements.

    Conservative MP Sheryll Murray told the Commons: « Fishing exporters in my constituency are having problems exporting to the EU. We signed a deal that said we could export to the EU.

    « What action is (Mr Gove) taking to ensure these exports happen without hindrance and will he start boarding EU vessels in retaliation if we still see this obstructive action on the part of the European Union? »

    Mr Gove responded: « What we do need to do is make sure that any bureaucratic obstructions which individual EU member states may still be applying are lifted and of course as I mentioned… we will reserve our rights as an independent coastal state to do whatever is required in order to make sure that our fishermen are backed up every step of the way. »

  • UK WORKING TO SOLVE POST BREXIT SEAFOOD AND SHIPPING PROBLEMS SAYS GOVE

    Britain is working to overcome post-Brexit difficulties complicating seafood exports and other shipments to the European Union, senior minister Michael Gove said on Thursday.

    « There are still some bureaucratic obstacles that we need to negotiate and navigate. We have set up a specific seafoods export working group which meets twice weekly, and we’re also engaging with our friends in France, » Gove said.

    He also said the government was working with courier companies on the paperwork required to send goods abroad.

  • CONTINUED

    It comes amid tensions after the brief triggering by the bloc of Article 16, with particular ire among unionists in Northern Ireland who are calling for it to be ditched.

    The protocol was designed to prevent a hard border with Ireland but has resulted in additional checks for goods crossing from Great Britain to Northern Ireland.

    Article 16 overrides part of the protocol which prevents a hard border on the island of Ireland, and was intended as an emergency measure only.

    A UK government spokesperson said it was « disappointing that the Commission has failed to acknowledge the shock and anger felt right across the community in Northern Ireland from its decision to trigger Article 16, and the need to take urgent steps to restore confidence as a result ».

  • MICHAEL GOVE AND MAROS SEFCOVIC TO MEET OVER NI PROTOCOL

    The European Commission’s vice president will meet with Michael Gove later over the Northern Ireland Protocol.

    Maros Sefcovic is travelling to London for the meeting after making it clear the bloc regards the protocol as the only way forward.

    He expressed concerns over « teething problems » in the implementation of the protocol but said it was now « our mutually agreed legal obligation ».

    The commission’s vice president made the remarks in a letter to the Cabinet Office Minister on Wednesday.

  • CONTINUED

    She added: “They are our friends, neighbours and colleagues and, from the very beginning, we have been clear we want them to stay.

    “That is why we put people at the heart of the scheme, knowing that behind these applications are stories of those who have established roots here.

    “We promised we would make it as straightforward as possible for them to continue living their lives here.

    “So I’m immensely proud that figures will show five million applications to the EU Settlement Scheme.”

  • 5M REMAINERS!

    More than five million EU citizens have applied to stay in the UK despite us leaving the bloc.

    Home Office stats out today show the number creeping over the landmark — with those with “settled status” given the same rights as Brits.

    Priti Patel will also announce £4.5million cash boost to help vulnerable Europeans living here apply for the scheme.

    The Home Secretary welcomes the massive numbers who had “contributed so much to the UK culturally, economically and socially”.

  • CONTINUED

    It found a drop of eight points in the number of Scots who think the SNP is « united » – down from 50% last month to 42%.

    It comes amid a very public row between SNP leader and First Minister Nicola Sturgeon and her predecessor Alex Salmond.

    Mr Salmond has accused Ms Sturgeon of misleading the Scottish Parliament, as a committee of MSPs probes the Scottish Government’s botched handling of harassment allegations against him.

    Meanwhile high-profile SNP MP Joanna Cherry has hit out after she was « sacked » from the party’s Westminster frontbench in a reshuffle.

  • MAJORITY OF SCOTS STILL BACK INDEPENDENCE BUT FEWER BELIEVE SNP IS UNITED – POLL

    Another poll has shown a majority of Scots support independence – while also revealing an increase in the number of people who believe the SNP is divided.

    Research by Savanta ComRes for The Scotsman newspaper found 47% of people could vote Yes if there is a second referendum, with 42% opposed to independence and 10% undecided.

    When those who do not know how they would vote are excluded, the poll puts support for leaving the UK at 53% – down 4% on January – with 47% backing the Union.

    Pollsters interviewed 1,002 people aged 16 and over between February 4 and 9.

  • EURO SWAPS TRADING IN LONDON SLUMPS AFTER BREXIT

    Trading in euro-denominated swaps has fallen sharply in London since Brexit, with volumes moving to New York, Amsterdam and Paris, financial data company IHS Markit said on Thursday.

    EU platforms accounted for a quarter of the euro swaps market in January, up from just 10% in July last year, IHS Markit said.

    Over the same period, trading in London fell from just under 40% to just over 10%, while trading on U.S. platforms doubled to 20% of the total euro swaps market, it added.

  • BOTH SIDES NEED TO ‘DIAL DOWN THE RHETORIC’ SAYS IRISH PREMIER

    The Taoiseach has said both sides « need to dial down the rhetoric » on the Northern Ireland Protocol.

    Micheal Martin said there are bound to be teething issues and there is now a need for calm.

    Speaking on RTE’s Morning Ireland, he said: « We need to dial down the rhetoric on both sides. »

    The Irish premier added that people need to bear in mind that it is only about six weeks since the Brexit deal was agreed.

    « There are bound to be teething issues and teething problems and certain people were not as prepared as they could have been in relation to the implications of Brexit, » he said.

  • MICHAEL GOVE AND MAROS SEFCOVIC TO MEET OVER NI PROTOCOL

    The European Commission’s vice president will meet with Michael Gove later over the Northern Ireland Protocol.

    Maros Sefcovic is travelling to London for the meeting after making it clear the bloc regards the protocol as the only way forward.

    He expressed concerns over « teething problems » in the implementation of the protocol but said it was now « our mutually agreed legal obligation ».

    The commission’s vice president made the remarks in a letter to the Cabinet Office Minister on Wednesday.

    It comes amid tensions after the brief triggering by the bloc of Article 16, with particular ire among unionists in Northern Ireland who are calling for it to be ditched.

  • TED BAKER TAKES HIT OF UP TO £5MIL FROM BREXIT

    Fashion chain Ted Baker has revealed a hit of up to £5 million from Brexit as tumbling festive sales also laid bare the toll taken by the pandemic.

    The group said the Brexit bill comes as it faces extra duty and shipping costs which will only be « partially offset » by new customs warehouse capability.

    Ted Baker reported retail sales nearly halving in its crucial Christmas quarter, plunging 47% in the 13 weeks to January 30.

  • IRISH PM SAYS SOME EU MEMBER STATES ‘NEED TO COOL IT’ ON BREXIT

    Certain European Union states « need to cool it » and « dial down the rhetoric » on relations with Britain, Irish Prime Minister Micheal Martin said on Thursday ahead of a meeting between British and EU officials on Northern Ireland trade problems.

    « There is elements that the British government could sort out, but likewise on the European side, I would say some member states need to cool it as well, » Martin told RTE radio.

    « I think we need to dial down the rhetoric on both sides here. »

    British Cabinet Minister Michael Gove, European Commission Vice President Maros Sefcovic are due to meet in London later on Thursday.

  • NEARLY HALF OF UK GOODS EXPORTERS SEE BREXIT TRADE TROUBLE, BCC SAYS

    Just under half of British companies that export goods have run into difficulties caused by the Brexit shift in trade terms with the European Union since the start of the year, a British Chambers of Commerce survey showed on Thursday.

    Some 49% of goods exporters said adapting to the changes had caused problems, while one in five services exporters reported issues, the BCC said.

    The findings are in line with other surveys that show British companies struggled with supply chain issues last month, with the shift in trading arrangements exacerbating problems resulting from the COVID-19 pandemic.

    « Trading businesses and the UK’s chances at a strong economic recovery are being hit hard by changes at the border, » said BCC director-general Adam Marshall.

  • AMSTERDAM SURPASSES LONDON AS EUROPE’S TOP SHARE TRADING HUB SAYS FINANCIAL TIMES

    Amsterdam emerged as Europe’s largest share trading centre in January, dislodging London from its historic position as the Netherlands scooped up businesses lost by the UK after Brexit, the Financial Times reported yesterday.

    An average of 9.2 billion euros shares were traded a day on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December, the report added.

  • CRUNCH TALKS OVER NI PROTOCOL

    The European Commission’s vice president will meet with Michael Gove later over the Northern Ireland Protocol.

    Maros Sefcovic is travelling to London for the meeting after making it clear the bloc regards the protocol as the only way forward.

    He expressed concerns over « teething problems » in the implementation of the protocol but said it was now « our mutually agreed legal obligation ».

    The commission’s vice president made the remarks in a letter to the Cabinet Office Minister on Wednesday – we blogged about that below.

    It comes amid tensions after the brief triggering by the bloc of Article 16, with particular ire among unionists in Northern Ireland who are calling for it to be ditched.

  • SUPPORT FOR BATTLING COMPANIES MUST ‘SIGNIFICANTLY INCREASE’

    More on that last post.

    British Chambers of Commerce director general Adam Marshall said: « Trading businesses and the UK’s chances at a strong economic recovery are being hit hard by changes at the border.

    « For some firms these concerns are existential, and go well beyond mere ‘teething problems’. »

    Boris Johnson recently used the phase to describe the issues.

    Mr Marshall warned that the situation could worsen if the UK sticks to its plan to introduce checks on live animals and animal products from the EU in April, and for full customs checks from July.

    « These timescales need to change and the support available for businesses who are battling to adapt to new trading conditions significantly increased, » he said.

  • BRIT EXPORTERS STRUGGLING WITH BREXIT ISSUES

    Just under half of British companies that export goods have run into difficulties caused by Brexit, a British Chambers of Commerce survey claimed on Thursday.

    Some 49 per cent of goods exporters said adapting to the changes had caused problems, while one in five services exporters reported issues, the BCC said.

    The findings are in line with other surveys that show British companies struggled with supply chain issues last month.

  • UK NOT ENFORCING NORTHERN IRELAND PROTOCOL SAYS EU

    More details are from Maros Sefcovic’s letter to the UK are emerging, this time about enforcement of the Northern Ireland protocol.

    He has written that Border Control Posts are not yet fully operational and official controls not performed in compliance with the Withdrawal Agreement protocol and European Union rules.

    Sefcovic also said the UK has « not yet fulfilled its obligation » to provide real-time access to all its IT systems, in particular access to key customs IT systems.



Laisser un commentaire