Any London forex trading move would be ‘gradual’ – ECB
City’s place in global submarine cable network likely to be key, says researcher
Any post-Brexit move of euro-denominated foreign exchange (forex) trading away from the City of London is likely to be “gradual”, a study by the European Central Bank (ECB) argues.
The claim comes in a special feature in the ECB’s latest annual publication on the euro’s international role. Approximately 84% of forex transactions in euro are initiated outside the eurozone, according to data from the triennial survey of the Bank for International Settlements (BIS) in 2016. Arnaud Mehl, the
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