TradeNext Believes London Will Continue to Hold Top-Spot for EMFX Trading

London, October 21, 2015 (Newswire.com) - TradeNext is optimistic on the world’s largest FX centre, London,  to continue its global domination as it set-its-eyes on new activity from the developing-world. With the presence of China’s leader on the shores of the British Isles, and the planned visit of India’s Prime Minister next month, London’s welcoming nature will be strengthened as leaders exchange business-dialogue and sign new treaties.

TradeNext, an FCA authorised firm located in the UK believes that London will enhance its position as a trading venue for emerging market currencies. Trading volumes have been on the rise, with data from the last BIS Triennial Survey showing the Chinese currency entering the top-ten traded crosses. In addition, the City of London’s 2014 Report shows that the average daily trading value of Spot RMB was $14.4 billion, a 160% increase from figures reported a year earlier, with a similar uptake seen across other FX instruments including FX swaps and FX options.

Mohsin Jameel, CEO of TradeNext commented: “The UK as favourable conditions for overseas firms to set-up and do business, with increasing commerce between Europe and Asia the trading volumes in Chinese Yuan denominated instruments are bound to increase and London has the infrastructure, technology and resources to make this a reality.”

Chinese products have been on the rise at other London-based venues, the London Stock Exchange launched the first China A shares ETF in 2014, thus reinforcing the capital’s position as a leader across financial instruments.

The Indian Rupee is also on track to compete against its emerging market peers, although it is positioned as the 17th most active pair against the greenback, new trade and commerce opportunities between the two countries are expected to bolster FX volumes. The Country’s Prime Minister, Narendar Modi will land for the first time after taking power and will meet his British counterpart and business leaders, Mr Modi has been stigmatised with the events of 2002 which had prevented him from entering the UK before he took on the role as the country’s PM.

“The Indian diaspora in the UK is one of the largest outside India and contributes significantly to the overall UK GDP, the PM’s visit will create new opportunities and thus support more trading volumes in the GBP INR cross,” added Adil Siddiqui, a Director at TradeNext.

TradeNext has been supporting financial literacy among the UK’s South Asian population and is the title sponsor of the British India Awards as well as the firm behind the auspicious Search for an Asian Football Star campaign.