September 13, 2018 / 3:39 PM / 7 days ago

Amsterdam attracts more trading firms seeking post-Brexit EU base - source

LONDON/TOKYO (Reuters) - At least 20 financial firms are applying for licenses to operate in Amsterdam in preparation for Britain’s departure from the European Union, a source with knowledge of the matter said.

FILE PHOTO: ABN AMRO bank is seen amongst other buildings in this aerial shot of the Zuidas area in Amsterdam, Netherlands, June 14, 2017. REUTERS/Cris Toala Olivares/File Photo

Amsterdam has been competing aggressively with Frankfurt, Paris and Dublin to attract business from London, all of which have chalked up recent major relocation wins.

FILE PHOTO: Eurostar employees hold the Union and Dutch flag in front of train bound for Amsterdam as they pose for a photographs at St Pancras station in London, Britain February 20, 2018. REUTERS/Simon Dawson/File Photo

In addition to major players such as Chicago’s Cboe Global Markets CBOE.O and the London Stock Exchange Group (LSE.L), a handful of small trading firms are seeking to set up operations in Amsterdam, the source told Reuters.

They include Gelber Group, Tower Research Capital, Maven Derivatives, Bedford Row Capital and Mako Derivatives, the source added.

The companies did not respond to requests for comment.

Japan’s Norinchukin Bank [NORB.UL] and Mitsubishi UFJ Financial Group (8306.T) and U.S. firms Marketaxess (MKTX.O), Jane Street and Tradeweb have all said they are establishing offices in the Netherlands.

A Norinchukin spokesman said on Wednesday the bank is preparing to set up a subsidiary with a banking licence in Amsterdam which will operate as its hub for Europe.

Tradeweb’s head of Europe and Asia business, Enrico Bruni, said “post-Brexit uncertainty” meant it had needed to pick a new location outside Britain so that it could continue to provide its services to clients in the rest of the bloc.

“The characteristics of the Netherlands make sense for our business and led us to choose Amsterdam,” he said, adding that the company will maintain operations in London.

The Netherlands scored high on regulatory environment, electronic trading infrastructure, logistics and location, legal environment, language skills and talent pool, Bruni said.

Editing by Alexander Smith

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