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London was not affected by the political and economic uncertainties associated with withdrawal from Europe, but strengthened its position in the foreign exchange market. Foreign exchange trading is a pearl in the crown of London's financial industry.
Interviews with banking executives, investors and central bank officials showed that the trend of technology and regulation, which was less vulnerable to the withdrawal from Europe, was driving more foreign exchange flows into a single, centralized trading hub, which was good for London.
With the increasing automation of the financial sector, booming financial technology jobs have helped London offset the decline in traditional trading jobs, although this may not compensate for job losses in other financial sectors caused by the withdrawal from Europe.
Last month's survey by the Bank for International Settlements (BIS) showed that London's share of daily foreign exchange transactions in the world had jumped from 37% in 2016 to a record 43%, stealing shares from New York and Asia.
London has long been the currency market leader because of its time zone convenience and advanced trading infrastructure.
But the news of London's solid status has thrown many people into dismay. They thought the British recession would trigger a wave of bank and trader exits, or at least halt London's growth. They also thought that cities such as Hong Kong and Singapore could benefit from the boom in local currency trading.
"London is hard to beat... the depth and diversity of the pool of professionals there is unmatched," Matthew Hodgson, founder of Mosaic, told Reuters. Mosaic is one of many new financial technology enterprises that want to enter the foreign exchange industry.


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