UK Share of Global Forex Trading Surges Despite Brexit
UK extends its lead
If leaving the EU is going to cripple the UK financial services industry, it won’t be in foreign exchange trading.
Reuters reports on its central bank survey showing forex volumes up 23% in Britain year-over-year in April and hitting a record $2.7 trillion per day. US trade was up 11% to $994 billion.
About 40% of all forex volume is flowing through the UK. Other changes:
Singapore -5% to $523B
Hong Kong +10% to $482B
Japan +2% to $415B
Some EU leaders want to strip the UK the right to sell FX derivatives to EU clients but for now the market certainly isn’t worried.