Reuters: Nex Group H1 profit drops, announces Amsterdam as repo trading EU hub

NEX Group reported lower first-half profit and said market conditions remained challenging due to a lack of volume and volatility in fixed income, currencies and commodities. Profit for the six months to Sept. 30 fell to 63 million pounds from 75 million pounds.

The firm also said it had picked Amsterdam as its European Union hub after Britain leaves the bloc. NEX, which is to establish a new trade reporting unit in Sweden, said it had picked Amsterdam as its European Union base in the event of a “hard Brexit”.

“After much consultation, we’ve decided to establish an operation in Amsterdam to operate fixed income and repo trading venue which will allow us to continue to serve EU customers in the event of a hard Brexit,” Chief Executive Officer Michael Spencer told reporters on a call.

Spencer said NEX would considering moving BrokerTec, a dealer-to-dealer electronic trading platform for the fixed income markets, to Amsterdam depending on the outcome of Brexit negotiations. The firm had also looked at Dublin and Frankfurt.

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