Despite the preparations for Brexit the daily forex volumes in the UK increased to a new record high from April to October 2019, according to the Bank of England’s report on the forex market.
The report was prepared with the participation of the country’s 28 biggest banks. Compared to the last survey, done back in 2018, daily forex volumes out of London have risen with a shocking 11% to $2.88 trillion trader per day in October 2019. In the light of these voumes London becomes the world’s top currency trading center, surpassing New York.
These volumes are a result of the the foreigh exchange swaps, whoses numbers jumped by 3% to $1.49 trillion in October 2019, but also currency forwards and NDFs which increased by 10%.
It would be interesting to see how and whether the situation will change over the next few years, once they start feeling the consequences of Brexit.
The report was prepared with the participation of the country’s 28 biggest banks. Compared to the last survey, done back in 2018, daily forex volumes out of London have risen with a shocking 11% to $2.88 trillion trader per day in October 2019. In the light of these voumes London becomes the world’s top currency trading center, surpassing New York.
These volumes are a result of the the foreigh exchange swaps, whoses numbers jumped by 3% to $1.49 trillion in October 2019, but also currency forwards and NDFs which increased by 10%.
It would be interesting to see how and whether the situation will change over the next few years, once they start feeling the consequences of Brexit.
