Wednesday, 1 September 2010

London dominant in global currency trading

The average daily turnover in the City this year was $1.85 trillion (£1.2 trillion) - or 37pc of global turnover, according to a three-year report into currency dealing by the Bank of International Settlements.
Around $4 trillion changed hands around the world every day in April, up from $3.3 trillion in April 2007.
New York, the second most important currency centre, does about half the amount of trading taking place in London.
The dollar continued to be the most traded currency in the UK market, involved in 85pc of all trades, while the euro and the Japanese yen gained relative to April 2007.
Simon Derrick, the head of currency research at Bank of New York Mellon, said the growth in foreign exchange trading reflects a number of important recent trends in the real economy - including the economic strength of developing countries.


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