April 11, 2019 / 8:33 AM / in 9 days

As Brexit looms, Dutch markets regulator issues 40 new licenses

FILE PHOTO: A British flag flutters during the March to Leave demonstration in Parliament square in London, Britain March 29, 2019. REUTERS/Toby Melville/File Photo

AMSTERDAM (Reuters) - More than 40 licenses were issued in 2018 to businesses moving to Amsterdam from London due to Britain’s departure from the European Union, the Dutch financial markets regulator said on Thursday.

In its 2018 annual report the AFM said it had held discussions with 150 companies and expects 30 to 40 percent of the European stock and bond market to move to the Netherlands in the event of Brexit.

European leaders agreed during emergency negotiations in Brussels overnight to give Britain six more months to prepare for its departure from 27-member bloc.

Dozens of trading firms were among those to apply for licenses, Reuters has reported, resulting in a permanent shift away from London.

The AFM did not name the parties that received licenses.

“Brexit had a major impact on financial markets in 2018 and the role of the Financial Market Regulator (AFM),” it said in a statement. “The organization and the ICT infrastructure is prepared for up to 14 times more trading volumes.”

Reporting by Anthony Deutsch; Editing by David Holmes

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