Dutch Expect 30 Big Financial Firms to Seek License on Brexit

(Bloomberg) -- Brexit will lead as many as 30 “significant” financial firms to seek a license to operate in the Netherlands, according to the country’s top regulator.

“We see that the Netherlands is an attractive option for financial companies in innovative spheres like fintech and exchange platforms,” Gerben Everts, a board member of the Dutch Authority for the Financial Markets, told reporters in Amsterdam on Thursday. “Proprietary traders are also looking at our country because well known names such as Optiver and IMC are already based here.”

While asset managers are also expressing interest, big investment banks seem less keen for a variety of reasons, Everts said. AFM held talks last year with nearly 100 firms about obtaining a Dutch license, he said.

The clock is ticking for firms looking to shift staff and operations from the U.K. to the continent to get ready for the country’s withdrawal from the European Union. Euro-area supervisors have told firms that they should apply for licenses by the end of June or run the risk that they won’t be authorized in time for Brexit day.

AFM created a team about one year ago to deal with mounting license requests and other Brexit-related issues. It provides information to applicants and coordinates with other regulators in Europe.

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