TP ICAP the interdealer broker has decided to open its EU headquarters in Paris in response to Britain’s departure from the European Union.
The decision was announced by the company CEO Nicolas Breteau while the interdealer broker reported lower first-half profit.
Breteau, who took over the reins of the company last month, said that Frankfurt and Amsterdam were also under consideration apart from the French capital. The company held discussions with the regulators of all the three countries before settling for Paris.
He added that the company headquarters will continue to remain in London, reported Reuters. Additionally, the transfer is not expected to result in significant job losses in the UK.
The company said that its pre-tax profit dropped 52% percent from £71m to £34m in the first half of this year, compared to the same period in 2017.
Lower volatility in financial markets has affected the net profits of the company, it said. However, it also added that the financial markets had been ‘supportive’ in the first six months.
Last month, TP ICAP terminated its previous CEO John Phizackerley. It also raised concerns about the increasing costs related to Britain’s exit from the European Union.