New York Wins From Brexit’s $3.3 Trillion Hit to One Key Market
- Derivatives trades drained from London after EU limited access
- U.K. lost business in several markets in March, study found
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The City of London lost 2.3 trillion pounds ($3.3 trillion) of its lucrative derivatives trading business in March alone, with Wall Street trading platforms gaining the most from Brexit.
U.S. swap-execution facilities took market share in trades in euros, pounds and dollars at London’s expense that month compared to last July, while venues in the European Union also gained, according to an estimate by Deloitte and IHS Markit Ltd.