Tradeweb to Establish European Base in Amsterdam
US-based electronic trading services provider
to move from London to Amsterdam
What will their employees have to say?
It’s interesting that electronic trading platform provider, Tradeweb, is set to commit to moving its European headquarters to Amsterdam in preparation for Brexit.
While all European business will be conducted in Amsterdam, Tradeweb has maintained that they will retain a presence in the UK.
Amsterdam has emerged as a popular destination for relocating businesses due to the Dutch regulator’s favourable attitude towards trading venues.
Tradeweb’s application to establish a fully regulated entity with the Dutch Authority for the Financial Markets follows a similar move by competitor MarketAxess, which also chose Amsterdam as its post-Brexit base.
So far Frankfurt is the choice of Citigroup, Morgan Stanley and Standard Chartered for their post-Brexit locations.
HSBC chose Paris and the Bank of America and Barclays have opted for Dublin.
According to think tank Bruegel, London is set to lose approximately 10,000 banking jobs, and more than 20,000 roles in the wider financial sector, as firms fearing expensive regulatory costs relocate their businesses to mainland Europe.
All these employers will need to carefully consider how their key staff will react to the requirement to move out of London – especially those with school-aged children. They will want to line up attractive relocation support packages to make the lifestyle transitions as smooth and easy as possible for everyone.
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