London is currency king

London’s market share in FX grew to 34.1% from 31.3% while the US share fell to 16.6% from 19.2%, over the last three years whilst daily turnover in traditional foreign exchange instruments increased by 71% to $3.2 trillion, according to the Bank for International Settlements (“BIS”).

The same report also highlighted that average daily turnover of interest rate and non-traditional foreign exchange contracts increased by 71% to $2.1 trillion in April 2007. Whilst turnover of foreign exchange options and cross-currency swaps more than doubled to $0.3 trillion per day. Less brisk growth was recorded in the much larger interest rate products arena, where average daily turnover increased by 64% to $1.7 trillion.

The derivatives market shares of London and the US were virtually unchanged from 2004 at 42.5% and 23.8% respectively.

Note to Harvey Goldsmith, the famous promoter – Looks like the Government has no issue with secondary trading of pound notes, contrary to your comments at the Parliamentary Select Committee!

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