Tradeweb gains approval for Amsterdam Brexit base

Dutch Authority for the Financial Markets grants authorisation for Tradeweb’s Amsterdam entity ahead of Brexit.

Electronic trading specialist Tradeweb has received regulatory approval to establish a European base in Amsterdam in preparation for Brexit.

The firm said in a statement that it has gained authorisation from the Dutch Authority for the Financial Markets (AFM) to operate trading venues and as an approved publication arrangement (APA) from the city of Amsterdam.

Tradeweb added the authorisation mirrors its current regulatory permissions in the UK, and ensures that it is able to offer the same range of services and execution protocols within the European Union and in the UK. Tradeweb’s clients signing up to use the Amsterdam-based platforms will be able to connect for testing ahead of the 29 March 2019 Brexit date.

“We are pleased to be granted authorised status for the provision of trading and reporting services from Amsterdam,” Enrico Bruni, head of the Europe and Asia business at Tradeweb, commented. “We remain focused on ensuring that our clients continue to benefit from seamless and uninterrupted access to liquidity post- Brexit, which is anticipated to have a profound impact within the financial markets.

“Helping our clients in the EU to seamlessly on-board to our new regulated platforms quickly and effectively is our top priority, and we are already seeing firms engage early and sign up to the Tradeweb EU MTF.”

The new Amsterdam office will act as the electronic trading hub for Tradeweb’s European clients. The firm stated that it chose Amsterdam as its new European base due to the city’s infrastructure and the Dutch regulator’s expertise in financial services.

Tradeweb also operates as a regulated entity in Hong Kong, Singapore and Japan. It also operates two swap execution facilities (SEFs) in the US.