(Finance) – “Brexit was a great decision, which had great consequences. London was the largest financial center in the European Union and everyone was fine with it, while today London is the largest financial center in the United Kingdom, with global that is developing.We are in one evolving situation, where companies which in ordinary situations would have been listed in London are now listed outside London“. Said Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronextin an interview with Bloomberg Television.
Euronext is the leading pan-European market infrastructure and manages the stock exchanges regulated by Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal.
Boujnah said stock quotes outside London are the “new normal“, citing the cases of the airline Ryanairwho chose the Dublin market over London, and those of Universal Music Group And Allfunds Groupwho chose an IPO in Amsterdam over London.
When asked if Paris is more relevant today than the British capital, he replied: “Paris is a city where many companies are listed, but Paris is only relevant to the extent that it is one of Euronext’s seven gateways to the European single market. There have been many interesting comments that the aggregate capitalization of Paris has surpassed that of London, but to some extent it is irrelevant.”
“What really matters is not where the companies are listed, but where they are traded – he continued – From this point of view, the key metric is that Euronext has created a single liquidity pool and a single technology platform with an aggregate capitalization of €6 trillion, which is double the capitalization of London, and €13 billion of average daily volumes are traded on Euronext every day, double the cash volumes traded in London. What is it really impressive and relevant is the integrated market that we have created in Europe”.