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London retains position as the world’s foreign exchange venue
BrexitBusinessNews

London retains position as the world’s foreign exchange venue

London has once again been named the world’s leading foreign exchange trading venue according to new figures.

According to the figures, which were analysed by Reuters and are based on the latest central bank data, average daily trading volumes for foreign exchange in the Square Mile rose by 23 per cent year-on-year in 2017.

Traders mainly in London handled £2.1 trillion on a normal April day, more than double the $994bn for the US, most of which was carried out in New York.

Foreign exchange volumes rose during 2017 as firms tried to protect against swings in currency driven by a volatile political environment.

Hong Kong

Transaction volumes in Hong Kong rose by 10 per cent, but remained well below London.

Transaction volumes in New York and Hong Kong also rose by 11 per cent and 10 per cent year-on-year respectively, but remained well below London. Volumes at the third-biggest jurisdiction, Singapore, fell by five per cent.

The figures suggest London may have arrested a previous decline in its share of the market, under pressure from Asian financial centres in particular and shows that the UK is likely to retain this strong position well into the future.

Jeremy Thomson-Cook, chief economist at London-based payments firm World First, said the increasing use of currencies as a “barometer for political risk” is one of the driving factors behind higher volumes. Meanwhile, the UK is “blessed by geography”, with daylight hours coinciding with trading in both Asia and the US.

Catherine McGuiness

Catherine McGuinness, the policy chairman of the City of London Corporation.

Catherine McGuinness, the policy chairman of the City of London Corporation, said: “The data makes clear that London leads the world when it comes to foreign exchange.

“Anything which damages this, such as a location policy on euro-denominated clearing – which could fragment this sub-sector across the Continent – would likely have negative cost implications for households and businesses in the UK and the EU.”

22nd August 2018
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New York City stalls on all new drivers for Uber and Lyft
Business

New York City stalls on all new drivers for Uber and Lyft

New York City’s local council has pressed pause on granting new licences to ride-hailing firms for one year, citing Uber and Lyft specifically for its congestion problems.

The package of measures outlined by the city’s mayor Bill de Blasio also includes setting a minimum wage for drivers, after the New York Taxi Workers Alliance said low incomes had been a contributing factor to six suicides among drivers in recent months.

The package, which will implement a 12-month ban on issuing new for-hire vehicle licences excluding those which are wheelchair-accessible, has been vehemently opposed by the major ride-hailing firms operating in New York.

More than 100,000 workers and their families will see an immediate benefit from this legislation. And this action will stop the influx of cars contributing to the congestion grinding our streets to a halt.

— Bill de Blasio (@NYCMayor) August 8, 2018


This is the first time a large US city has slapped a cap on ride-hailing firms, which may prove to be damaging to the revenue for such firms.

Uber said in a statement that the pause will threaten ride-hailing firms as a viable transport option for New Yorkers, while “doing nothing to fix the subways or ease congestion”.

Lyft concurred, adding: “These sweeping cuts to transportation will bring New Yorkers back to an era of struggling to get a ride, particularly for communities of colour and in the outer boroughs.”

In an email to city users last month, Uber blamed the move for a potential rise in prices, longer wait times and less service in outer-city areas.

“The workers united will never be defeated.” #DontstrandNYC pic.twitter.com/dajkznAwuw

— 32BJ SEIU (@32BJSEIU) August 8, 2018


Ride-hailing vehicles in New York have soared more than 85 per cent in the last three years, now sitting at around 80,000 compared to just 14,000 yellow cabs.

De Blasio said he intends to sign the measures into law, which will “stop the influx of cars contributing to the congestion grinding our streets to a halt”.

In London, Uber is operating under a renewed 15-month licence granted by Transport for London on the condition that the company has reformed its “gung-ho” attitude to business. It continues to face backlash from taxi drivers.

9th August 2018
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