This is a good summary of Brexit's expected impacts on European exchanges. In short: - More fragmentation = less liquidity - $ moves from UK to EU on Jan 4 - Bad for LSE, good for ENX, DB1https://www.reuters.com/article/us-britain-eu-markets-trading/brexit-big-bang-to-trigger-tectonic-trading-rift-in-europe-idUSKBN2930HQ?source=content_type%3Areact%7Cfirst_level_url%3Anews%7Csection%3Amain_content%7Cbutton%3Abody_link …
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Why’s it bad for LSE and good for ENX and DB1? Liquidity moves but not the economics accruing to the companies.
I think it could be bad for LSE bc less liquid markets are more vulnerable to competition. If firms are changing geographies there's a better chance they'll change venues as well with the right incentives.
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Sadly, it's a bit more complicated. Unlike the US, here in Europe exchanges don't trade each other's listed stocks in the way NYSE, CBOE and Nasdaq do.
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I still remain largely convinced by this piece. The volume of financial services centered in London, and especially the LSE, is too much, there is no mature competitor, and there seem to be relatively easy work arounds (Turquoise servers in Amsterdam for instance)https://twitter.com/_John_Handel/status/1334519920374280193 …
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