By Simon Miller
The UK has maintained its lead in the global foreign exchange trading with an increased share of the international market amid rising global turnover.
According to figures from industry body TheCityUK, the UK increased its leading share of global foreign exchange trading to 37.2% in October 2010 from 36.7% six months earlier, representing a continuation of a long-term trend which has seen the UK grow its share from 31% at the start of the decade.
Average daily global turnover rose by 6.4% in the six months to October 2010 to a record $4,235bn while the UK’s trading averaged $1,821bn in October 2010, up 8% on April 2010 and a quarter higher than a year earlier.
Twice as many US dollars are traded on the foreign exchange market in the UK than in the US, and more than twice as many euros are traded in the UK than in all the euro-area countries combined.
Foreign owned institutions account for around 70% of foreign exchange trading in London.
The US was the next largest centre with 17.2% of trading, while Japan and Singapore trailed with 6.2% and 5.9% of the market respectively.