Boris caught in ‘spectacular own goal’ as Brexit deal gives EU advantage on business

Brexit: EU has 'won battle' on share trading says Alasdair Haynes

Aquis CEO Alasdair Haynes argued the UK has weakened its previously strong position on European equities following the Brexit deal. While speaking to Bloomberg, Mr Haynes argued the UK should not expect to be granted equivalence from the EU. He noted that 18 months later, after a spat with the European Commission, Switzerland still has not been granted equivalence.

This has meant that UK investors for European shares will either have to go to Europe or trade in London, which Mr Haynes dubbed a “spectacular own goal” from Boris Johnson.

Mr Haynes said: “We are the sixth-largest exchange in Europe in terms of turnover and do about 5 percent market share.

“75 percent of our business has been European business and that has been conducted in London.

“Today, overnight we have seen 99.6 percent of that business shift to Europe.

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“Europe has clearly, clearly won the battle to win its own share trading back into the EU 27.”

Mr Haynes went into greater detail as to the options afforded to investors after Brexit.

He said: “We saw what happened to equivalence in Switzerland and you can see 18 months ago, Switzerland has still not been granted equivalence.

“It is really important to offer investors a single platform to be able to trade on a Pan-European environment and that is exactly what we are doing.

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“Unfortunately it means that we must operate in two offices with the ability to trade any European share, UK or EU 27 shares in either of the markets that we operate.

“The problem that we have got with what has happened here with Brexit is that by the UK losing its passport and a share trade obligation in Europe, it means the EU investors have to trade Europe and UK investors for European shares will either have to go to Europe or trade in London.

“You can clearly see the choice being made is that they would rather trade in Europe.

“Which appears to me to be a very much own goal, a spectacular own goal.

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“This is because Britain is now losing its very strong position in the trading of European equities in London.”

Mr Haynes argued that this trend was likely to stay for the foreseeable future and potentially never change.

He said: “I think all this talk about equivalence being granted in the next few months is absolutely in dreamland.

“I think it will take years, if ever for equivalence.”

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