Amsterdam vies for IPO spotlight as Brexit dents London’s allure
InPost’s plans for Dutch listing underscore mounting competition to UK as trading hub
The decision by Polish ecommerce group InPost to pick Amsterdam for its stock listing offers the latest sign that London risks losing its grip as a trading hub after Brexit. UK chancellor Rishi Sunak has referred to the hard break from the EU in financial services that kicked in on January 1 as “Big Bang 2.0", a trigger for the City of London to flourish. But bankers say Amsterdam is already showing potential to eat in to London's pre-eminence as a European capital markets centre. Trading in EU shares fled London for EU centres including the Dutch city on the first day outside the single market at the start of 2021. Wednesday's announcement by the Advent-backed parcel locker business suggests that initial public offerings may also gravitate towards where trading in European stocks is more lively. “Looking at the options and the stock markets, Amsterdam looks very attractive because it seems that now that Euronext Amsterdam is becoming a kind of preferred tech companies listing stock exchange,” said Rafał Brzoska, InPost chief executive. “Where in the past London was the default, we could see Amsterdam emerging as a new neutral listing place for IPOs, certainly for central and eastern European countries,” added Andreas Bernstorff, head of European equity capital markets at BNP Paribas, which advised on the InPost deal. “That is something that’s been accelerated by Brexit but also regulatory advantages in Amsterdam compared to London. We see that theme continuing.”
The funniest thing are the pro-Brexit fisherman who now can't sell their fish. I mean, didn't they realise their biggest market was in the EU? I really feel for these people. Clearly, they had no clue.
So far we've had being apart from the EU vaccine programme as the only 'Brexit dividend' identified. Never mind that the UK could have gone alone procuring vaccine itself while in the EU, or that production delays will effect us too, just as it will the EU.
In the grand scheme, fish don't really manner to the UK economy. But services do. And the square mile contributes about £80 billions of taxation. That is huge. That won't dry up overnight. It will be nibbled away at.
So what are the real Brexit dividends? London should end up a lot cheaper. We should be able to buy cheap fish. That is if fisherman keep working, and don't just sail to Denmark. We can attract new business, but then we could before leaving too. Will be interesting to see what happens. So far its more or less as predicted.