City boosts its share of global derivatives market
Tuesday 29 June 1999
British Invisibles (BI), which promotes the UK's financial services industry, said London's share of the global market rose to 36 per cent from 27 per cent.
Turnover of "over-the-counter" (OTC) derivatives - contracts traded outside an exchange - has more than doubled to $171bn last year from $74bn in 1995, BI said.
The number of derivatives traded through London's four exchanges - Liffe, LME, IPE and OM - have risen to 274 million last year from 201.6 million in 1995.
Jeremy Seddon, BI's chief executive, said: "London is well positioned to take advantage of this growth. Not only do we have unrivalled market depth and expertise, but our favourable tax environment, the use of English law in many international OTC contracts and the successful adaptation to the euro provide many trading opportunities."
The report, BI's first comprehensive study of the UK derivatives market, said the worldwide OTC market is about five times larger than exchange- listed derivatives. It estimated that international fees and commissions on UK exchange-listed contracts totalled pounds 1.4bn in 1997.
The study concluded that derivatives will play a key role in helping London maintain its position as a major international financial centre.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Geoffrey Macnab reviews American Hustle, also starring Christian Bale and Bradley Cooper
Dennis Rodman will coach the North Korea basketball team
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Ian Watkins: Police probed over earlier allegations as paedophile Lostprophets singer sentenced to 35 years for child sex offences
Iain Duncan Smith leaves Commons food banks debate early
Paul Walker death caused by speed alone
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber is 'retiring from music'
- 4 Iain Duncan Smith leaves Commons food banks debate early
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£500 - £550 per day: Cornwallis Elt : Business Analyst Target Operating Mod...
£500 - £680 per day: Harrington Starr: Murex Business Analyst - 1000 CHF per d...
£60000 - £75000 per annum + Bonus and Benefits: Harrington Starr: A leading au...
£25000 - £32000 per annum: Harrington Starr: Junior Business Analyst - Banking...