“ €1bn-a-day market is latest to move away from UK in wake of Brexit
EU carbon trading is set to move from London to Amsterdam in the latest knock-on effect of Brexit on the UK’s financial services industry.
US-based Intercontinental Exchange will move the carbon contracts, a central part of the EU’s flagship policy on climate change, to its ICE Endex exchange in coming months, according to a notice to its customers on Monday. It is the world’s biggest carbon trading market, handling more than €1bn of contracts a day.
ICE has been pushed into the move by the EU’s refusal to recognise most of the UK’s financial services rules as “equivalent” to its own from a regulatory and supervisory standpoint.”
Subscribe to read | Financial Times
Who cares, it’s just 1 bln per day market, Sunday turnips and spuds market will replace it nicely
EU carbon trading is set to move from London to Amsterdam in the latest knock-on effect of Brexit on the UK’s financial services industry.
US-based Intercontinental Exchange will move the carbon contracts, a central part of the EU’s flagship policy on climate change, to its ICE Endex exchange in coming months, according to a notice to its customers on Monday. It is the world’s biggest carbon trading market, handling more than €1bn of contracts a day.
ICE has been pushed into the move by the EU’s refusal to recognise most of the UK’s financial services rules as “equivalent” to its own from a regulatory and supervisory standpoint.”
Subscribe to read | Financial Times
Who cares, it’s just 1 bln per day market, Sunday turnips and spuds market will replace it nicely
