London loses status as derivatives trading hub, even before Brexit

London

AS London's financial industry braces for Brexit, a new report shows that the city has already lost its leadership in at least one key market. New York has eclipsed London as the biggest centre for off-exchange derivatives trading.

New analysis from the Bank for International Settlements shows that the UK's share of the US$2.7 trillion a day interest-rate derivatives market fell to 39 per cent this year from 50 per cent in 2013. New York's share of global trading has climbed to 41 per cent from 23 per cent.