According to data released by CBOE Europe an average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December.

The rush of business came as volumes in London declined drastically to €8.6bn, supplanting the UK from its historic position as the main hub for the European market.

The change was prompted by a ban on EU-based financial institutions trading in London because Brussels has not recognised UK exchanges and trading venues as having the same supervisory status as its own.

Without this so-called equivalence to ease cross-border dealing, there was an immediate shift of €6.5bn of deals to the EU when the Brexit transition period concluded at the end of 2020. It was about half of the amount of business that London banks and brokers would normally handle.

Analysts and executives have said that the transfer would not mean the loss of thousands of jobs in London, while the tax hit would be limited to the effects the move in trading would have on the profits of companies involved.