London has strengthened its grip as the global centre for the vast foreign exchange and derivatives markets, pulling away from New York and shrugging off fears that Brexit would dent its dominance.
A triennial survey by the Bank for International Settlements found that trading in currencies and interest rate swaps had grown rapidly in the past three years.
Average foreign exchange trading volumes swelled to a record high of $6.6tn a day, up nearly 30 per cent from the 2016 survey, which was compiled shortly before the UK voted to leave the EU. London increased its market share by 6 percentage points to 43 per cent, towering over the US, whose market share dropped from 20 per cent to 17 per cent.