In preparation for Brexit, Mitsubishi UFJ Securities Holdings Co., Ltd., a consolidated subsidiary of MUFG, announced this Monday that it has opened a new indirect subsidiary MUFG Securities (Europe) N.V. in Amsterdam.
For financial firms, the issue of Brexit continues to be a dominating concern, with companies constantly putting contingency plans in place regardless of the outcome. Companies have been leasing offices throughout continental Europe, moving hundreds of staff out of London and have transferred billions of assets out of the UK.
Because of this, today’s announcement from MUFG is not a big surprise. According to the company’s statement: “MUFG Securities (Europe) N.V. will ensure that MUFG can continue to provide securities services to its clients across Europe after the United Kingdom leaves the EU.”
Part of the Tokyo-headquartered , the official name of the Amsterdam subsidiary is MUFG Securities (Europe) N.V. with the following address – Zuidplein 98, WTC Tower H, 1077XV Amsterdam, the Netherlands.
Amsterdam is a Post-Brexit Hotspot
Amsterdam, and more broadly, the Netherlands, has become a popular destination for financial firms wanting to avoid post-Brexit complications, by shifting part of their operations from London in order to have an entity based in the EU.
Earlier this month, that CME Group had secured an exchange license with Dutch regulators. This allows the company to shift its fixed income and repo trading business out of London.
The new approval mirrors its current regulatory permissions in the United Kingdom and allows the company to provide its services throughout the EU from Amsterdam, operating under a MiFID II passport.
This month, Cboe Europe also revealed that it has . Cboe Europe B.V. is now authorised to operate a Regulated Market, Multilateral Trading Facility and Approved Publication Arrangement.
Other financial firms to choose the Netherlands as its post-Brexit home include for fixed-income securities, and the .
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