Jobs are leaving, and banking jobs have been on the decline globally i think. This doesnt look good
This is very flawed though, the trades might be executed in Amsterdam but the people making the trading decisions are still sitting in London.
Can you provide numbers or stats for this claim? 1. The above speaks against it and 2. even then does Amsterdam profit from trading fees.
I think William Wright’s thread on Twitter summarizes it best:
Equities are a tiny proportion of financial transactions in London, this is a graph showing volumes of derivatives & forex trade compared to equities:
New Financial estimates a loss of £0.005bn in tax revenues, of the UK financial sector’s ~£75bn tax contributions. All that’s moved is where trades are being executed for EU equities. The entire EU combined has significantly lower trade volumes than London, it’s not close.
Thanks for that! Appreciate the answer. Just the last chart is a bit misleading with equities from 2020 and others from 2019. Could be Jan 2019 or Dec 2019. A lot can change in 2 years, but that’s not your fault. It’s just not a great basis for making deductions.
I believe it’s daily average of the whole of 2019, and agree it’s not a great dataset but it puts into perspective the size of equities trade vs other financial instruments.
We’re all good
ALternative view --fintech hiring in the UK As an investor in public/private very weird fintechs Im loving it
The express: we’re tearing up the rulebook!
Also the express: much stricter regulations…this will limit british banks…