Asia loosens London’s grip on FX trading

Section:

By Katie Martin
Financial Times, London
Thursday, September 1, 2016

London is losing its grip on a global currencies-trading business that is tilting toward Asia, the latest benchmark survey of the industry from the Bank for International Settlements reveals.

The UK capital's market share in this crucial but scandal-tinged business has dropped for the first time in more than a decade, reaching 37.1 percent from nearly 41 percent in the previous study in 2013.

New York's slice grew slightly to 19 percent, while the combined heft of Tokyo, Hong Kong, and Singapore -- the other three large global trading hubs -- swelled to 21 percent from 15 per cent, underscoring the growing importance of the Asian region and of China in particular in global trade. The renminbi is now the world's most heavily traded emerging-market currency, doubling its share of the global market and knocking the Mexican peso off its perch. ...

... For the remainder of the report:

http://www.ft.com/cms/s/0/f062b948-7020-11e6-9ac1-1055824ca907.html



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