Radix Trading and Hard Eight Trading LLC, two high-speed trading firms based in Chicago, are opening offices in Amsterdam rather than London, Bloomberg reported.

The decision came after considering London's reduced stature as a financial hub following Brexit, the lower cost of operating in Amsterdam and in light of a new requirement under the MiFID II European regulatory package that companies making markets in European securities must have a physical presence in a member state of the E.U., according to the report.