London retains premier spot in FX, according to global volume figures
London remained the biggest financial centre for foreign exchange in 2010 according to semi-annual volume figures published in the UK and US on January 31, despite speculation it might be overtaken as a result of the UK government’s clampdown on bonuses.
Average daily FX turnover in the UK reached $1.8 trillion in October 2010, according to the UK’s Foreign Exchange Joint Standing Committee; 24% higher than a year earlier and 8% higher than in April 2010. This was the highest turnover recorded since the semi-annual industry survey began in 2004. It puts the UK some way ahead of the US, where average daily volume in over-the-counter FX instruments reached $772 billion in the same month, according to the US Foreign Exchange Committee (FXC).
“Recen
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