TP ICAP names Paris as post-Brexit EU headquarters
Hannah Murphy
Financial Times
August 7, 2018
Source:
https://www.ft.com/content/a507d1ee-...2-5946bae86e6d
The London-based group, which has more than 3,000 voice brokers who negotiate deals over the phone, said on Tuesday that it had chosen Paris as its EU headquarters “from where its European-based business will be managed and run after 29 March 2019”.
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Nicolas Breteau, who took over as chief executive last month after the company fired his predecessor, said on a call with reporters that the company did not plan to “move many jobs out of London”. The group had also spoken to regulators in Frankfurt and Amsterdam before making the decision, he said.
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TP ICAP also said it expected that Amsterdam would be chosen as the base for iSwap, its fixed-income trading venue. The Dutch city has emerged as the biggest beneficiary of London-based trading venues, attracting Bloomberg, Nex, MarketAxess and Tradeweb.
Last month Cboe Europe, Europe’s largest stock exchange by the value of shares traded, also submitted an application with Dutch regulators to establish an entity in the city.