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Trade Bill - Committee (3rd Day) (continued)

Part of the debate – in the House of Lords at 9:45 pm on 30th January 2019.

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Photo of Viscount Trenchard Viscount Trenchard Conservative 9:45 pm, 30th January 2019

I totally agree that the bulk of the settlement of euro-denominated transactions takes place in London but, in a similar way, London is the most important centre for the settlement of offshore dollar-denominated securities—or even renminbi, or yen. That is because London is the leading global financial market in the world. I have not seen any moves by the United States Fed or Japan’s FSA to try to repatriate London’s role in their currency securities.