UK Will Always Be FX Hub, Says Equiti's Faryar

On Monday, the Bank for International Settlements released its Triennial Central Bank Survey, which provides some in-depth insights into the global foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term markets.

As Finance Magnates reported on Monday, the survey revealed that trading in the over-the-counter FX markets averaged $6.6 billion per day in April.

That was a sizeable increase on the BIS' previous survey in 2016 when it found that OTC FX trading was equivalent to approximately $5.1 billion per day.

The BIS' other major finding was that Britain continues to be the dominant force in the world's currency markets. A massive 43.1 percent of all FX trading goes through the Square Mile - a six percent increase on the last BIS survey.

"UK has always been part of our business strategy"

Some were surprised at this finding. Common wisdom seems to have it that Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term has forever doomed the UK to economic ruin.

But not everyone is so pessimistic.

Speaking to Finance Magnates, Hormoz Faryar - Equiti Group's global head of institutional sales - said that London has always been a key component of the brokerage group's plans.

"The Central Bank survey highlights the importance of the City of London in our business, with the UK showing the highest ever share of FX trading volumes since the introduction of the Eurozone two decades ago," said Faryar.

"Equiti Group has always seen the UK as a major part of its business and growth strategy and the reported 43% of global FX volumes being in UK confirms this. We believe that London will, in the long run, always be the most important FX business hub - even after Brexit."