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Elisa Martinuzzi and Marcus Ashworth

New York Gains From the City of London's Pain

Clawing back the trillions of dollars of derivatives trading activity that’s leaving London could be a long slog. That’s bad news for Europe, too.

Brexit winner.

Brexit winner.

Photographer: Spencer Platt/Getty Images

The latest scrap over London’s post-Brexit finance business has a clear winner. Britain and the European Union might have been hoping to fight over the juicy bone of derivatives trading, but a third dog is running off with the prize: New York.

New trading limits between the U.K. and the continent have prompted a large chunk of this lucrative work to move across the Atlantic. Clawing back the trillions of dollars of activity that’s leaving London, quite literally overnight, could be a long slog.