The foreign exchange and over-the-counter interest rate derivatives market in the United Kingdom

Harry Goodacre () and Elias Razak ()
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Harry Goodacre: Bank of England
Elias Razak: Bank of England

Bank of England Quarterly Bulletin, 2019, vol. 59, issue 4, 2-2

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.

Date: 2019
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