Amsterdam surpassed London as Europe’s largest share trading centre last month as the Netherlands scooped up business lost by the UK since Brexit.

An average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of Cboe Europe and Turquoise in January, a more than fourfold increase from December. The surge came as volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market, according to data from Cboe Europe.

The shift was prompted by a ban on EU-based financial institutions trading in London because Brussels has not recognised UK exchanges and trading venues as having the same supervisory status as its own.

Without this so-called equivalence to ease cross-border dealing, there was an immediate shift of €6.5bn of deals to Europe at the end of last year — about half the amount of business that London banks and brokers would normally handle. (FT)

Bar chart of Average daily volume (€bn) showing Amsterdam leaps ahead of London in European share trading

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Line chart of Total net inflows over rolling 22 days ($bn) showing US retail investors pile into stock market

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