Brexit Britain has rocketed back to the top of the sterling swaps trading leaderboard after batting away the US and EU.
In a major boost for the economy, Britain’s trading platforms have regained their position as the largest location for on-venue execution of sterling interest rate swaps.
This comes after a turbulent year for British sterling swap trading, with New York taking the top spot in early 2021.
Trading had left London for the European Union and United States after Britain formally left the bloc December 31, 2020.
But the latest data from MarkitSERV showed a third of all sterling swaps and 57 percent of on-venue sterling swaps are now carried out on UK platforms – the highest ever rate.