The Foreign Exchange and Over-The-Counter Interest Rate Derivatives Market in the United Kingdom

12 Pages Posted: 17 Jan 2020

Date Written: December 20, 2019

Abstract

Since 2016 there has been substantial growth in foreign exchange (FX) volumes, both globally and in the UK. The UK retained its position as the leading international location for FX trading. The over-the-counter (OTC) interest rate derivatives market in the UK has also seen significant growth since 2016. The UK is the largest centre for OTC interest rate derivatives activity in the world. This article, based on market intelligence and data from a triennial survey by the Bank for International Settlements (BIS) of trading activity, considers some factors that are likely to account for the increase in foreign exchange turnover over the past three years.

Suggested Citation

Goodacre, Harry and Razak, Elias, The Foreign Exchange and Over-The-Counter Interest Rate Derivatives Market in the United Kingdom (December 20, 2019). Bank of England Quarterly Bulletin 2019 Q4, Available at SSRN: https://ssrn.com/abstract=3520670

Harry Goodacre (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Elias Razak

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

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