Brexit forces London exit

Brexit forces London exit

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The first major financial market is leaving the UK because of Brexit. CME Group has announced that is will move its European market for euro short-term financing from London to Amsterdam.

Some €210bn in European short-term financing instruments were traded daily on CME’s BrokerTec platform in October. The operation will now be moved to the group’s Dutch unit, NEX Amsterdam.

“All of our euro-denominated bonds and repo will move to Amsterdam,” John Edwards, md of BrokerTec Europe, told Bloomberg. “Our UK business will not be able to provide services to the European clients.”

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