October 29, 2018 / 5:04 PM / 10 months ago

Trading firm XTX picks Paris for post-Brexit EU hub

LONDON, Oct 29 (Reuters) - Electronic trading house XTX Markets said on Monday it had chosen Paris as its European Union hub after Britain exits the bloc, the latest financial firm to announce plans so it can continue to trade across Europe after Brexit.

In a statement, London-based XTX, one of Europe’s biggest market-makers, said it had filed an application with French regulators to operate and was opening an office in Paris to trade across asset classes including in European equities.

Zar Amrolia, XTX’s co-CEO, said “it was important to select a location with a strong regulatory environment within which to operate.”

XTX is one of a number of market-makers that has sought to grow in the electronic trading of stocks, bonds and currencies as banks curbed their operations following the 2008 financial crisis.

Financial firms want to be sure they can sell products to clients across the EU after Britain leaves in March and have been opening offices and setting up subsidiaries inside the EU, although many of the announcements do not involve shifting staff from their current hubs in London.

Interdealer broker TP ICAP said in August it had chosen Paris as its post-Brexit EU hub, while NEX Group has selected Amsterdam.

XTX, which employs 105 people and has daily trading volumes of $150 billion according to its website, said its headquarters would remain in London. (Reporting by Tommy Reggiori Wilkes; editing by David Evans)

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