The fact that the British are not now part of the European single market is well felt in the city of London. Aquis Exchange, the second largest trading venue for European shares in London, saw almost all trade shift from London to the European Union on the first trading day.
Aquis CEO Alasdair Haynes told Bloomberg on Monday that 99.6 percent of European stock trading moved to Paris, where the platform created a new legal entity. “Europe has clearly won the battle for its own stock trading,” he said. Haynes called the shift “spectacular” because Britain is now losing its very strong position in trading European shares in London.
The city of London lost its rights of access to the single market on 31 December and the EU has not allowed investors within the country Union to trade in shares of companies such as Airbus and BNP Paribas from the UK.
Haynes believes that Britain will change its rules to attract parties like investors and stock publishers to the UK market. The country will not necessarily allow trade in EU shares in London, the top man expects.