Brexit is the biggest cause of political uncertainty for the financial sector in Europe. At present, a no-deal Brexit is still conceivable. As this would lead to a series of acute and possibly very significant transition risks, the Dutch Authority for the Financial Markets (AFM) calls on companies to prepare for this. In the meantime, a silent but high impact transformation is occurring on the European capital markets. Many trading platforms, in particular, are applying for a licence from the AFM. Thus, the Netherlands will become the centre for financial trading infrastructure of the European Union (EU).

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