Following Ferrovial’s shareholders meeting, the imminent relocation of the landmark Spanish group’s headquarters from Madrid to Amsterdam is being watched closely. An overwhelming 93.3% of investors voted in favor of the move. By choosing Amsterdam as the new base to access capital markets, the company reinforces the Dutch city’s status as a European financial hub in the wake of Brexit. London has long stood as Europe’s premier financial capital, but with the UK exiting the European Union, other jurisdictions are positioning themselves to become the continent’s financial heart. Cities such as Frankfurt and Paris are often cited as strong contenders, yet Amsterdam stands out with mounting momentum. In August 2021, Amsterdam’s market activity reached a daily turnover of 8.32 billion euros, surpassing London’s 7.63 billion euros, underscoring its growing competitive edge. Euronext Amsterdam, a pan-European exchange anchored in the city, expanded from 123 to 133 listed companies by year-end 2019, just before the UK’s departure from the European market.
Ferrovial pursues a Netherlands-based headquarters, signaling a strategic shift away from the UK
A notable 15 out of 41 public offerings listed on Euronext during 2021 chose Amsterdam, including several large-cap names such as InPost, CTO, Allfunds, UMG, and Majorel. In 2022, the exchange welcomed 20 new international listings, four of which were on the Amsterdam market. Euronext’s reports show one large-cap listing (BenevolentAI) and two international entrants: GP Bullhound Acquisition and RA Special Acquisition. Dutch trading platforms have diversified their offerings to include SPACs, TTF gas futures, European CO2 emissions rights, and currency derivatives, reflecting a broader set of financial products accessible through Amsterdam, as noted by the Dutch authority for financial markets.
The driving forces behind Amsterdam’s rise are clear: supportive infrastructure for corporate setup, favorable trade arrangements, and widespread use of English among the population. After Brexit, the Netherlands has emerged as a leading European center for equities. Monitoring firms and investment entities have established a solid presence in the capital markets, spanning large trading platforms to independent traders and fund managers, according to Maarten Dijksma, spokesperson for the Dutch Financial Markets Authority (AFM).
Today, seven of Europe’s nine major trading platforms are anchored in the Netherlands. Two focus on stock trading—CBOE and Turquoise—and four concentrate on bonds—Tradeweb, Bloomberg, MarketAxess, CME. Euronext Amsterdam, CBOE, and Turquoise together account for roughly 30% of European stock trading, including the United Kingdom, up from about 5–10% in the past. These shifts illustrate a broader reconfiguration of Europe’s equity landscape, with Amsterdam playing a central role, as explained by Maarten Dijksma.
Ferrovial, now headquartered elsewhere, had already relocated several subsidiaries from the United Kingdom to the Netherlands years ago. The country’s appeal lies in a welcoming legal framework, major logistics hubs such as the port of Rotterdam, and an ever-expanding role as a continental nexus for Europe and Asia, notes Diego Morín, market analyst at IG Mercados in Amsterdam. Other Spanish firms like Mediaset España and MFE-Media for Europe have also shifted operations to the Netherlands, alongside international names such as Exor and Mylan. Stellantis, CNH, Iveco, and Ferrari are cited as emblematic groups that have redirected activity to Amsterdam.
Observers highlight the Netherlands’ ability to accommodate the strategic needs of global firms. The country’s legal certainty, strong port infrastructure, and pro-business environment are cited as critical factors. A Valencia-based law firm director, Jesús P. López, emphasizes that the Dutch market offers tailored solutions that accommodate corporate demands, even for smaller players, and that a slightly smaller market than Frankfurt or Paris can still offer high-quality human capital, favorable tax terms, and robust communication networks, making Amsterdam a compelling option.
Impact and outlook: a nuanced shift rather than a collapse in London’s influence
Despite Brexit delivering a blow to London’s financial standing, the UK’s exit did not erase appeal altogether. The Netherlands remains a magnet for banks and financial services, with analysts noting that the triple-A rating further underpins Amsterdam’s attractiveness. Some observers argue that favorable trade accords make Amsterdam a more appealing springboard toward the United States, while others highlight population size, technological adoption, and consistent policy support as enduring strengths that help sustain high activity levels.
London’s trading volume in 2023 declined relative to 2022, dropping as much as 25.81 percent. February figures show around 138.0 billion euros traded, compared with 183.8 billion in 2022. In contrast, Amsterdam traded approximately 51.7 billion shares in the latest period reviewed, with Paris hitting around 88.7 billion, and Frankfurt data remaining less accessible in recent months. The broader picture suggests a rebalanced European financial map, with Amsterdam emerging as a central node in cross-border capital flows and market activity.