Nor did any of the hundreds of foreign financial institutions that have traditionally sited their regional operations in London choose to leave. Now, post-Brexit, early signs suggest the bluffing is over. Last week, data from the Chicago Board Options Exchange, the world's largest options trader, reported that Amsterdam surpassed London in daily trading in January, pushing London, the continent's financial leader since the days of Empire, into second place. More ominous still for the United Kingdom's financial sector, which represented nearly 7 percent of the country's GDP in 2019, is it's starting to see real evidence of job loss. A modest 7, 500 jobs left the United Kingdom for European Union cities by October 2020, with Dublin the most popular new location, according to the Ernst & Young Financial Services Brexit Tracker. About $1. 5 trillion in assets held in the United Kingdom were also moved abroad, amounting to about 14 percent of the total assets of British-based institutions. To name just a few examples, just before the Jan. 31, 2020 Brexit deadline, Barclays, a quintessentially British firm, sent nearly $265 billion of its assets to Ireland.
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"What we envisage for this framework is similar to what we have with the United States, " Mairead McGuinness, the European commissioner for financial stability, told the European Parliament in late January. It will be, she said, "a voluntary structure to compare regulatory initiatives, exchange views on international developments, and discuss equivalence-related issues. " That's the financial services equivalent of "blood is thicker than water. " Despite handwringing over Prime Minister Boris Johnson's government's neglect of finance during all the Brexit showmanship, British regulators have only belatedly moved to mitigate some of the risk to the U. K. financial sector's future by emphasizing markets beyond the EU. The Johnson government, pressed by London lobbyists, has enacted new immigration rules that will make it easier for London firms to bring on financial professionals from around the world, a move viewed as an effort to soften the blow dealt to big U. and Asian banks that have their regional hubs in London.