In a world of data and digitisation, the City continues to hold the winning cards
At a time when the spotlight is on London’s future as a global hub for finance, new data showing that the capital has extended its lead in global FX and interest rate derivatives trading since 2016 was a clear vote of confidence in the City.
This was backed up by the latest Global Financial Centres Index, in which London held on to second position in the rankings, despite continued Brexit uncertainty.
These are strong foundations, but we cannot afford to stand still – at this time more than ever.
That is why I am delighted that London is welcoming 9,000 delegates from around the world this week for Sibos, the leading financial services event.
This year’s theme of thriving in a hyper-connected world recognises the challenges and opportunities of mass digitisation and data-driven relationships. We are on the cusp of a great transition in the global economy – and as you will see for yourselves, the UK’s financial services sector is at the forefront of this seismic shift.
From banking and insurance to asset management and foreign exchange, the UK has both scale and truly international reach across the full spectrum of financial services.
But it’s our culture of innovation which distinguishes us above all. The UK has always been a champion of new products, creative solutions and entrepreneurialism, and it is home to the sectors that are already reshaping the financial world. It’s part of the fabric that makes London so resilient and fundamentally strong, irrespective of Brexit uncertainty.
Indeed, it was the City which laid the foundations of modern banking, which devised the first modern international capital markets, and which remains at the leading edge of innovation, from fintech and cyber security to green finance.
People come here not just for business, but also for our cultural offer, our heritage, our open spaces, and our shopping experience – all aspects which the City Corporation plays a role in providing or supporting.
It is unsurprising that people want to focus almost exclusively on Brexit at the moment. We’ve been clear that a deal is paramount for the sake of businesses and consumers on both sides of the channel.
But while London’s enduring fundamental strengths may be less newsworthy, I can’t emphasise enough that it is these that will underpin the long-term success of both the capital and the UK.
This is the positive message we will be relaying to those attending Sibos this week.
That’s not to say that we are resting on our laurels – quite the opposite. Indeed, you will see this week that London’s spirit of collaboration and willingness to work with like-minded partners has reached new heights, as we look to tackle common challenges that will continue to be high up the agenda after Brexit.
In a world where data and digitisation are reshaping the way we work, live and communicate, the City will continue to be right at the cutting edge.
I’m looking forward to seeing us continue along that path at Sibos over the coming days.
Main image credit: Getty