The City of London is being dealt another Brexit blow.
CME Group Inc. is moving its European market for short-term financing, the largest in the region, out of London because the exchange operator wants to guarantee continental firms can continue to use it if there is a no-deal Brexit.
The decision, which was taken before CME took over the business from NEX Group PLC last week, is the first example of a major financial market leaving the U.K. While every sizable trading venue has set up a regulated entity in the EU because of Brexit, BrokerTec — as the business is known — is the first to move an existing market from London to a continental European city: Amsterdam.