Responding to new BIS data showing that the UK has extended its lead in global FX and interest rate derivatives trading since 2016, Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“London has long been the world’s number one foreign exchange hub, clearing more dollars than New York, more Euros than anywhere in the EU, and more RMB than any country outside Greater China. The fact that the UK has extended its lead in global FX and interest rate derivatives trading since 2016 is a clear vote of confidence in the City, particularly given Brexit uncertainty continues to hamper business.

“These BIS findings underline our own from earlier this year, which showed that London represents nearly half of all RMB foreign exchange trading, and that the average daily trading volume of the Chinese currency alone in London in Q1 2019 was more than £78 billion.

“London is the capital of capital and this report shows that despite challenging times, the fundamentals of the City remain strong. It is vital that we avoid a no-deal Brexit so we can give ourselves the best opportunity to build on these strong foundations.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk