London remains top for foreign exchange trading

London has maintained its position as the leading international foreign exchange trading centre, the latest study has revealed.

15:20 27 July 2005

London has maintained its position as the leading international foreign exchange trading centre, the latest study has revealed.

Britain's capital made significant increases in terms of average daily turnover, according to the latest twice-yearly survey, allowing it to keep a hold of its lead over rival trade centre New York.

However, New York wasn't left straggling and a twin survey in the US showed that average daily turnover in New York had jumped by almost a fifth since the last data produced last October.

April's survey, which was released to the Times earlier this week, recorded average daily turnover in London of $679 billion, while New York stood at $442.8 billion.

The London figures represent a 16.7 per cent rise compared with last autumn.

The London survey was conducted by the Foreign Exchange Joint Standing Committee.