London Stock Exchange prepares for no-deal Brexit
LONDON (Reuters) – The London Stock Exchange said its pan-European platform Turquoise would shift trading in euro-denominated shares to its new Dutch hub if Britain leaves the European Union at the end of the week without a deal.
British, Swiss and U.S. shares would remain on its existing platform in London, the LSE said in a statement. Turquoise was committed to offering the full range of shares on its UK platform, the LSE said in a statement on Monday.
In the event of a hard Brexit on April 12, Turquoise intends to reintroduce European Economic Area shares on its London platform over the course of the year, it added.
The LSE’s preparations are similar to those announced by Europe’s biggest pan-European share trading platform, Cboe, on Friday.
Britain’s exit from the EU was still hanging in the balance on Monday as Prime Minister Theresa May tried to coax the Labour Party into agreeing a divorce deal, two days before an emergency summit.
The sector is waiting to see if Britain’s markets watchdog will impose restrictions on where shares can be traded if there is a no-deal Brexit.
The moves announced by LSE and Cboe provide flexibility to offer trading to customers in Britain and on the continent, whatever the FCA watchdog decides.
(Reporting by Huw Jones; Editing by Keith Weir)