LONDON - Britain has extended its lead in the global currency trading business in the two years since it voted to leave the European Union, in another sign London is likely to continue to be one of the world's top two financial centers even after Brexit.
Reuters' analysis, based on surveys released by central banks in the five biggest trading centers, shows forex trading volumes in Britain had grown by 23 percent to a record daily average of $2.7 trillion in April compared to April 2016.
"The luck of geography has helped because most of the big market moving news, whether in the U.S. or Europe, has occurred during London's trading hours," said Neil Jones, London-based head of hedge fund sales at Japan's Mizuho Bank.
These products, the largest part of Britain's currency market, are sold to customers around the world, not just the EU. Banks in Britain, including the London operations of global players, are moving some staff to European cities on expectations that they will the lose the automatic right to sell services to EU investors after Brexit.
The city's tightening grip on forex trade does not prove London won't suffer from Brexit, but it does underscore the attractiveness for banks of maintaining large international operations in the city, industry experts said.
"The FX market is effectively an offshore dollar market and offshore dollars are always going to be looking for an international home, and that's London."
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