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Chancellor Sajid Javid [...] ’s comments that financial services trade with the EU should be on the basis of “outcome-based” equivalence of rules won praise from City figures, although many banks are nervous about the changing relationship.
The report from the City of London Corporation and PwC, released today, showed that the UK financial sector continues to dominate foreign exchange trade, with a 43.1 per cent share of global turnover.
It said London is the only place where every top 20 insurance and reinsurance firm is active and that London’s share of global turnover from interest rate derivatives trading is 50.2 per cent, compared to the US at 32.2 per cent.
Lord mayor of the City of London William Russell said: “Ten days away from our formal exit from the EU, this important report reiterates the UK’s strengths in financial and professional services.”
“It is essential we continue to reaffirm why firms should come here to do business.”