The City of London has set a new activity record in the foreign currency markets, distancing itself from its closest rival, New York.

The twice a year survey of the Bank of England's Foreign Exchange Committee shows that in October 2019, the London market reached a new record of daily transactions on the foreign exchange market, with US$2,881 billion processed, 2 percent more than the previous record set in April 2019.

Two-thirds of the volume was processed by foreign institutions such as banks, hedge funds, institutional investors, companies and others.

This is more than three times the volume processed in the same period in New York, $890 billion.

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The City of London has set a new activity record in the foreign currency markets, distancing itself from its closest rival, New York.

The twice a year survey of the Bank of England's Foreign Exchange Committee shows that in October 2019, the London market reached a new record of daily transactions on the foreign exchange market, with US$2,881 billion processed, 2 percent more than the previous record set in April 2019.

Two-thirds of the volume was processed by foreign institutions such as banks, hedge funds, institutional investors, companies and others.

This is more than three times the volume processed in the same period in New York, $890 billion.