The Hague (AFP)

Amsterdam is taking the lion's share so far in the race between European stock exchanges to attract financial players who are leaving the City of London because of Brexit.

The Amsterdam Stock Exchange supplanted the London Stock Exchange in January as Europe's largest equity market, with more than € 9 billion in shares traded daily.

Other European cities such as Paris, Dublin, Milan and Frankfurt are also doing well in the fight to attract bankers.

"This trend is really affecting all the financial centers of the European Union in a very positive way," Stéphane Boujnah, CEO of pan-European stock exchange operator Euronext, told AFP.

Euronext operates the Amsterdam Stock Exchange, but also those in Brussels, Dublin, Lisbon, Oslo and Paris, and last year bought the Milan Stock Exchange from the London Stock Exchange.

"What is specific to Amsterdam is the regrouping of certain actors who were based in London", continues Mr. Boujnah.

The Dutch capital is also considered "more international" than other cities, with English spoken as a second language and favorable tax conditions, he explains.

All of this "makes Amsterdam very attractive", he adds.

- Boost -

In January, € 9.2 billion in shares were traded on average every day in Amsterdam Square, exceeding the € 8.6 billion traded daily in London, the Financial Times reported.

These figures are still relevant but, believes Mr. Boujnah, the City has no equivalent in Europe and Amsterdam cannot replace it on its own.

"I don't think that one city in particular will replace the City of London in the years to come. What we see emerging is rather a very solid network of financial centers interconnected and integrated together", analyzes- he does.

Brexit is an invaluable boost for the Dutch economy, affected like the rest of the world by the coronavirus crisis.

Over the past month, the Amsterdam Stock Exchange has continued to break records, thanks to the exchange of shares but also of commodities.

Dutch logistics and warehousing companies are in heavy demand from UK businesses impacted by delays at ports, rising shipping costs and tariffs on exports to the EU.

- "Very advantageous" tax climate -

US-based Seko Logistics, whose operations in the Netherlands have doubled in the past six months, says a convergence of factors has made the small country an attractive foothold in the EU.

“I think most people in the Netherlands speak English, it really helps,” observes Lodewijk Bottelier, Sales Manager at Seko Logistics.

The country has "a very central place, Rotterdam is the largest port in Europe and we have a very advantageous tax climate, where companies can easily set up with tax representation in the Netherlands", continues Mr. Bottelier.

Since the British voted to leave the EU in 2016, 218 companies have left the UK for the Netherlands, according to the Dutch Foreign Investment Agency.

These are not only British companies, but also Asian and American companies which are "rethinking their European structure".

But Brexit is not all good news in the Netherlands, whose second largest trading partner is the United Kingdom.

Last year, overseas exports represented more than 15 billion euros.

The Dutch government has organized an advertising campaign to help businesses deal with Brexit.

A blue furry character is the mascot, called "Brexit Monster".

© 2021 AFP