“The US and the Netherlands have emerged as early winners of the shift in derivatives trading out of London following the UK’s exit from the EU.
Data released on Thursday by IHS Markit highlight the move in trading this month from the City that came after a financial services agreement was omitted from the UK and EU’s post-Brexit deal.
In the US, trading in swaps used to hedge against moves in euro and sterling interest rates has doubled in the opening weeks of 2021. US venues now account for 23 per cent of the total for each currency, IHS Markit said. Global trading in dollar swaps on US venues rose to 48 per cent from 36 per cent the previous month, IHS added. At the same time, trading in all three currency swaps in Europe fell.”
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It’s only fiat, right?
