A report published by the International Financial Services London (IFSL), international business in the UK financial sector has begun to recover.
This is evidenced in a rise in investment banking revenues worldwide in 2003, a subdued recovery in ‘City type’ jobs and growth recorded by the CBI’s survey in the volume of business in March 2004, for the fourth survey in succession. Global investment banking income recovered to £40.7bn in 2003, up a fifth on the previous year.
The most recent international comparisons show that:
The share of foreign equity trades booked at the London Stock Exchange dropped to 45% in 2003, from 56% in 2002, partly due to rising business in Bermuda and to a 25% jump in trading in the New York Stock Exchange and Nasdaq;
The share of contracts undertaken by UK participants in the Eurex derivatives exchange rose to 45% in 2003, up from 41% in 2002 and 31% in 2001. In the first quarter of 2004, the UK’s share was higher still at 48%;
The UK’s share of the stock of cross border bank lending was 19% in September 2003, unchanged from the share of the previous two years.
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