Financial analytics firm Mosaic Smart Data has doubled the number of developers and quantitative analysts it employs since 2018 at its London base, where nearly 40 now crunch numbers to help banks trade foreign exchange and bonds.
Far from suffering under the economic and political uncertainty wrought by Britain's journey towards leaving the European Union, London is strengthening its grip on currency trading which was not expected so soon to happen, the crown jewel of the city's financial industry. Technological and regulatory trends little impacted by Brexit are driving more forex flows into a single, centralized trading hub as the tech revolution and digitization becomes a standard, largely to London's benefit, interviews with bank executives, investors and central bank officials show. A boom in new financial technology jobs is helping London to offset a decline in traditional trading roles as the industry becomes ever more automated and draws more revenue than it spends thanks to fintech, though it may not compensate for Brexit-related losses in other financial sectors.
According to a Bank of International Settlements survey last month, London's share of global daily forex turnover has rocketed to a record 43 percent - from 37 percent in 2016. The reason being, it stole market share from New York and Asian hubs. London has long led in forex thanks to its convenient time zone and cutting-edge trading infrastructure in the forex trading. US-China trade talks will also better the situations in the weeks to come.
Tags : UK forex, European Union, London , forex,