, Columnists
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.
Photographer: Spencer Platt/Getty ImagesThis article is for subscribers only.
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.