1. Innovative 2. Reach of 3. Regulatory 4. Access to 5. Resilient business Our global offer to business: ecosystem 昀椀nancial activity environment talent and skills infrastructure London and the UK’s competitive 13 strengths supporting economic growth The UK does more cross-border London remains the world’s London is the top cross-border banking centre in the world banking business than any largest centre for FX and OTC other market. London New York City Singapore Frankfurt Paris Hong Kong Tokyo derivatives trading. The UK is the world’s leading 昀椀nancial The UK uses its advantageous US$6tn centre in terms of cross-border position between Asia and the US to banking activity. It had US$5.3tn of be the world leader in FX trading. In cross-border banking claims (15% 2022 London handled a daily average global market share) and US$5.4tn of US$3.8tn in FX trades, double of cross-border liabilities in Q4 New York (the next largest centre) 2022. Japan ranks second with 12% which saw daily average volumes market share, followed by France US$5tn of US$1.9tn. The UK is the leader in and Germany with 11% and 10%, OTC derivatives trading but saw a respectively. The US ranks fourth with 28% fall in volumes between 2019 9% share. Global cross-border bank and 2022 as 昀椀nancial market activity claims fell by US$1.4tn in Q4 2022: reduced with increasing interest rising interest rates and a decline rates. Singapore’s OTC derivatives in the market value of derivatives US$4tn trading increased 34%, but at far led to a drop in cross-border credit. lower volumes. Derivatives-based This trend continues into 2023, investment products have been and although the UK remains the increasingly popular amongst Asian market leader, absolute volumes are retail investors. in decline. The attractiveness of UK equity Source US$3tn markets is in decline. Bank of International Settlements 2023 The number of foreign companies listed in the UK is dropping. 328 foreign companies listed in 2022, down from 352 in 2021. This is in US$2tn contrast to the US where the number of foreign listings increased to reach 1,452. However, London still saw more foreign listings than other European 昀椀nancial centres: nine international 昀椀rms launched their US$1tn IPO in the UK capital. Across all GFCs, the value of foreign IPOs fell by an average of 68% YoY. London saw a US$3.8tn drop of 87% and NYC 90%. Source daily FX trades handled in London in 2022 US$0 World Federation of Exchanges 2023 2017 2018 2019 2020 2021 2022