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impending double volume caps.
We are very competitive from a fee
perspective. We have strong local
relationships that we are leveraging
to capture incremental liquidity.
We are confident in developing this
beyond the basic competition and
existing block venues.
creating transparency. Some players used the oppor-
tunities to open up competition on the assumption
that they were not transparent markets, but we believe
competition is better in a transparent environment.
HM: How has the Euronext Block MTF performed under
MiFID II so far this year?
SB: Euronext Block offers potential for price discovery
and price improvement and full use of the large in scale
waiver under MiFID II. All trades will sit outside of the
HM: How do you think the acquisi-
tion of ISE positions Euronext for
Brexit?
SB: Let me underline, because
this is important, that we decided
to acquire the ISE irrespective of
Brexit. Ireland is a great country
with a 3.8% growth prospect in
2018. The ISE is a great company
with fantastic management and
product offering that will contrib-
ute to the diversification of our
volume driven line.
It’s pretty clear now that in a
post-Brexit world, whatever that
may look like, that four cities are
going to receive substance from the
City of London players who will
have to relocate to the European
Union in order to provide financial
services to European clients. Those
four cities are Frankfurt, Paris,
Amsterdam and Dublin. Out of
those four cities, three of them
(Amsterdam, Paris and Dublin)
are in the Euronext family. I do
believe those four cities are all very
different, have their specificities
and are fundamentally adapted and
convenient for different players.
So there won’t be a single winner
in the post-Brexit world, but there
will be distributed financial centres
within the European Union. In this
respect Dublin is a very important
location due to the strength of the
asset management industry there
and the fact it is a plug and play
location for anyone who takes the
decision later than others to relo-
cate. We are very happy that three
of the main cities that are going
to benefit from the relocation of
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