London / Amsterdam (dpa) - With the complete Brexit, London has lost its position as the largest stock market in Europe and has been ousted by Amsterdam.

In January, shares with an average value of 9.2 billion euros were traded daily in the Dutch capital, according to data from the futures exchange Cboe Europe.

In London, the trading volume in the same period was the equivalent of around 8.6 billion euros per day.

Services were not included in the negotiations on a Brexit trade pact between the EU and the UK.

British financial service providers lost their automatic access to the EU internal market with the end of the Brexit transition phase at the turn of the year.

This did not lead to the feared great exodus from the City of London, but many banks founded branches in cities such as Paris, Amsterdam and Frankfurt.

As a result, around 7,000 jobs migrated.


By March, London and Brussels want to agree on the mutual recognition of standards - called equivalence.

The service industry as a whole accounts for around 80 percent of UK gross value added.

The head of the Bank of England, Andrew Bailey, warned of an excessive dominance of Brussels: "I fear a world in which the EU dictates and determines which rules and standards we will have in Great Britain will not work," said Bailey at a speech in the City of London.

It is unlikely that London will give in to Brussels' corresponding demands.

If the EU tries to lock the UK financial industry out of its market, it would be a mistake, he warned.

© dpa-infocom, dpa: 210211-99-402391 / 2