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A large chunk of interest-rate derivatives trading has migrated to US venues this year following the UK’s withdrawal from the European Union, dealing a blow to the City of London and highlighting the importance for the UK of reaching a post-Brexit agreement on financial regulation with the EU.
Volumes of euro interest-rate swaps transacted on US-based platforms known as swap execution facilities, or SEFs, jumped from 21% in December to 39% in the first two weeks of January, according to data provider IHS Markit, while sterling swap volumes registered a similar rise. That came amid an equivalent drop in trading volumes on UK and EU-based derivatives trading venues.