There's lot of excitement, anger and surprise at the news that Amsterdam has overtaken London as the biggest centre for equities trading in Europe. Here’s a little bit of perspective: 1/

https://twitter.com/Williamw1/status/1359795558613934086

This shift is one of the very areas where Brexit has a binary / mechanical impact: inside the EU, trading in EU shares could take place in London; outside the EU with no equivalence for stock exchanges, it can’t. So it had to move and has moved. 2/

Inspired by President Trump's love of the stock market, here's what happens when you match the state-by-state results in US Presidential election with the value of US listed companies and the state in which they are headquartered: 82% Biden 18% Trump 1/7 States that voted for Biden represent 70% of the number of listed companies in the US with a combined market value of over $30 trillion, or 82% of the combined value of US stock markets 2/7

It is good news that the UK and Japan have created a joint regulatory forum in financial services as part of their trade deal (detail from p106): a few quick and quite niche thoughts 1/ mofa.go.jp/files/10010706… The forum builds on the EU Japan joint regulatory forum in financial services that was created last year and held its first meeting in Japan (conveniently) during the world cup rugby in October 2019 2/
fsa.go.jp/en/news/2019/2…