Philip Stafford in London Cboe Europe, the stock exchange, and TP ICAP, the interdealer broker, plan to set up EU bases to secure access to the trading bloc amid uncertainty over the terms of Britain’s departure next year. Cboe, Europe’s largest market by the value of shares traded, said on Tuesday that it had submitted an application with Dutch regulators to establish an entity in Amsterdam. TP ICAP has chosen Paris for its EU base, and will use it to oversee its other European operations, including those in Frankfurt, Amsterdam and Madrid, according to two people briefed on its plans. Both Cboe and TP ICAP will still maintain their bases in London. However, its iSwap fixed income trading venue, is also set to be regulated in the Netherlands. TP ICAP declined to comment. Amsterdam has emerged as the biggest beneficiary as London-based companies, which have used the UK’s passporting system to access markets in Europe from their bases in the City. Fixed income trading venues Bloomberg, Nex, MarketAxess and Tradeweb have all announced plans to set up hubs in the EU. With less than nine months before Britain is set to leave the EU, the government remains divided over key decisions relating to the single market and customs union. Industrial giants like Airbus have warned about their concerns over the the potentially negative consequences of Brexit. Mark Hemsley, chief executive of Cboe Europe, said the decision to open a base in Amsterdam was partly because of “the distinct lack of clarity on the status we’ll have from March next year.” Read again Cboe Europe, TP ICAP to open EU bases ahead of Brexit : https://ift.tt/2Nkknpv
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