News | |Brexit: London Lose out it's Europe Trade Primacy.
bbc.com Brexit: London loses out as Europe's top share trading hub BBC News 3-4 minutes image copyrightGetty Images image captionAndrew Bailey said the UK would not accept being "dictated" to by Brussels. Amsterdam ousted London as the largest financial trading centre in Europe last month as Brexit-related changes to finance rules came into force. About €9.2bn (£8.1bn) worth of shares were traded on Amsterdam exchanges each day, against €8.6bn in London. Following new Brexit rules, EU-based banks wanting to buy European shares currently cannot trade via London, meaning a loss of fees for City firms. Bank of England chief Andrew Bailey has warned the EU not to cut off London. On Wednesday, Mr Bailey said there were signs that the EU planned to cut the UK off from its financial markets. The EU does not recognise UK exchanges as having the same levels of supervisory status as its counterparts