In a survey carried out every 3 years the Bank for International Settlements says that FX trading volume in London increased by 6 per cent up until April 2019, taking its global share to 43 per cent – comfortably ahead of New York. It also, and more surprisingly, found that the UK overtook the US in terms of the highest average daily turnover of interest rate derivatives traded, grabbing a 50 per cent share. Catherine McGuiness, policy chair of the City of London said, ‘’despite challenging times, the fundamentals of the City remain strong. [The figures] are a clear vote of confidence in the City’’.
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