11 Sep 2018
London’s lead against the rest of the world to be best global location for foreign exchange has increased, despite uncertainty plaguing the city due to Brexit.
Reuters states “with eight months to go [until Brexit], London has tightened rather than weakened its grip on foreign exchange trading”.
According to City A.M. “Traders mainly in London handled $2.7 trillion (£2.1 trillion) on a normal April day, more than double the $994bn for the US, most of which was carried out in New York”.
Other epicentres for foreign exchange include the US, Singapore, Hong Kong and Tokyo, but London has dominate the FX market for nearly 50 years and continues to strengthen year on year.
GRAPHIC: Top Foreign Exchange Trade Centres by Reuters.
With London’s foreign exchange market booming, this is just another reason you should get any travel money before you get to the airport!
Need to transfer money abroad instead?