Trading in UK financial services gathered pace in 2006 with activity in many financial markets reaching record levels, according to the six-monthly IFSL International Financial Markets in the UK report.
Revenue in European investment banking, about half of which takes place in London, was up by 37 percent in 2006. That was in line with the global increase of investment banking fee revenue from $53bn in 2005 to $69bn in 2006.
UK equity trading was up more than a quarter to 3,211bn; UK-managed hedge fund assets were up be 43 percent to $360bn; and trading at the derivatives exchanges LME, ICE Futures and EDX also reached new highs.
The UK maintained a leading global share in foreign equity trading 42 percent, foreign exchange trading 32 percent, and international bank lending 20 percent. The share of global hedge fund assets managed in the UK continued its rise to 21 percent, more than double the UK’s share in 2002.