Amsterdam has overtaken London as Europe’s top share trading hub with a fourfold increase in business in January, the Financial Times reported on Thursday.

The paper says an average of €9.2bn in shares a day were traded on the Amsterdam Amsterdam Euronext, CBOE Europe and Turquoise exchanges in January, and that is four times the December 2020 total, the FT said.

In London, by contrast, volumes fell to €8.6bn.

The paper says the shift is due to a ban on EU-based financial institutions trading in London because the EU has not yet recognised UK exchanges as having the same supervisory status as European venues.

The transfer of trading is not likely to mean thousands of jobs will move, analysts told the paper, because traders are more interested in based on costs and liquidity, rather than physical location.

However, some 500 British companies are currently in various levels of talks with the Dutch foreign investment agency NFIA about moving some operations to the Netherlands, a spokesman told DutchNews.nl earlier this month.