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Trading platform Tradeweb announced that will expand its European operations in Amsterdam to ensure it can service European Union clients after Britain leaves the bloc, Reuters reported earlier today.
At this moment the company has a European operation only in London, which will remain after Brexit even as the Amsterdam office becomes the electronic trading hub for its EU-based clients.
The Dutch city has struggled to persuade many finance firms to use it as an EU base after Brexit, with Frankfurt, Dublin and Luxembourg proving more competitive, But its appeal is growing.
Japanese bank Mitsubishi UFJ Financial Group has chosen Amsterdam as its post-Brexit EU outpost, while trading venue MarketAxess is also setting up a unit there.
Enrico Bruni, Head of Europe and Asia business at Tradeweb, commented:
Tradeweb’s imperative has always been to provide our global client base with access to liquidity across a range of products. Post-Brexit, for many investors, uninterrupted access to that liquidity requires an independent and fully functional regulated entity within the EU, and our Amsterdam office will be a new expression of our mission.
Tradeweb stated that has submitted an application with the Dutch Authority for the Financial Markets (AFM) to establish a fully regulated entity within the EU. It added the new base would benefit from Amsterdam’s regulatory environment and infrastructure.
Tradeweb, in which Thomson Reuters (NYSE:TRI) has a stake, operates web-based platforms on which banks, asset managers, central banks, pension funds and insurance companies can buy and sell government bonds and derivatives.
Just several months ago, Thomson Reuters also announced that teams up with Tradeweb to create suite of solutions for MiFID II compliance.