New York City is considered the global financial hub as it is home to the world’s two most valuable stock exchanges and the most elite investment banking firms. But when it comes to currency trading and exchanging, New York City and the United States rank far behind London and the United Kingdom.
The daily value of all foreign currencies that exchange hands on a daily basis is approximately £4.73 trillion. Among that figure, UK’s excellent brokerages facilitate around £1.72 trillion worth of transactions.
The United Kingdom’s Dominance
There are several reasons why London and the United Kingdom dominate the global money transfer industry. The first has to do with the geographic proximity to the rest of the world. While traders and currency broker experts in New York City are asleep, professionals in London and across Asia are busy transacting with each other.
And when American traders and business people wake up and start the day, workers across the United Kingdom are still at their offices.
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This alone isn’t reason enough to crown the UK as the leader of forex trading. The UK government is among the most stable in the world with a rich history of democracy, freedom, rule of law, and perhaps more importantly, a dedication towards economic development.
Equally important, the country’s official language of English — the global language of choice for commerce.
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The 2016 Brexit election did little to impact the country’s finance industry. Quite the opposite holds true as some of the largest banks reiterated London as part of their long-term plans to address the global market.
Goldman Sachs, as an example, invested £1 billion for its London-based European HQ in the Square Mile region in 2019.
Société Générale announced in 2014 it will consolidate its London workers into one location and many expected the Brexit vote to prompt the French bank to look elsewhere. But in 2019, the company finalized its move into a new state-of-the-art building in Canary Wharf.
Perhaps one fact that best highlights the UK’s dominance in foreign exchange transactions has to do with the US dollar. According to data from 2018, nearly twice as many US dollars are traded in the UK as in the US.
The following year, forex trading activity stemming from London hit a record high. The Bank of England said in its semi-annual report forex trading in London was up 7% from the prior period a year ago to around £2 trillion.
The most recent report dated Jan. 26, 2021, notes the following facts and figures:
The average daily UK foreign exchange turnover was £1.46 trillion in October.
The USD/EUR currency exchange pair was the most commonly traded with an average daily turnover of £558 billion.
Trading activity in the EUR/GBP reached a historical all-time high.
The USD/CNY currency exchange pair also reached a record high.
Currency Brokerages For Regular People
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The dominance of UK currency brokers extends beyond corporate clients transacting tens of millions of pounds at a time. In fact, the explosion of UK-based financial technology (fintech) companies over the years dominate the global competition.
TransferWise is among one of the most closely followed currency exchange companies. The London-based money transfer company boasts millions of users and was valued at around £4 billion.
The UK currency broker was born after two native Estonians met at a party in England. The two quickly realized they share an identical problem when it comes to exchanging money. By transacting with each other and ignoring a bank as a middleman, the two saved a lot of money. The two quickly realized their idea is a viable solution that can be scaled to become a global business.
TransferWise is one of many new unicorn companies — that is startups valued at $1 billion US or more. In fact, the UK is home to 45 unicorns, 18 of which are fintech companies.
Money transfer companies are a lot more popular in Europe than they are in America. There are a few reasons why this is the case.
The first has to do with the close proximity of countries to each other. Within a five-hour span, someone in the UK can travel to multiple European countries so there is an immediate need to exchange currencies. By contrast, a five-hour road trip in America means a family may not even leave their home state.
Europeans are much more open to travel than Americans so by default demand to exchange currencies is greater. In fact, US citizens ranked 60th out of more than 100 countries in their openness to travel the world. This isn’t an insult or jab at Americans, rather it is just one of the many cultural differences as Americans much prefer exploring their own country.
Americans that do travel abroad tend to avoid online money exchange. Surprisingly to many, one study shows that trust in banks surged during the COVID-19 pandemic.
The pandemic reinforced an already strong sense of loyalty a customer felt with their bank. It makes sense they would choose convenience and trust over saving money through cheaper money exchange options they aren’t familiar with.
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Conclusion: Brexit Won’t Slow UK Money Transfer Industry
For years, many experts predicted that London and the UK would see their status as an economic powerhouse and a hub for currency exchanges tumble. But heading into the post-COVID recovery era, the UK’s advanced lead in administering vaccines gives it a massive advantage over its European peers that can’t go overlooked.
Regardless, the country’s tremendous advantage over the US in terms of money exchanges might be a gap that is too wide for anyone to catch up to. The dominance of UK currency brokers coupled with one of the world’s most advanced unicorn incubators may have secured UK’s financial importance for decades to come.
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Lemn Sissay OBE pens powerful poem about Manchester City for Black History Month
Danny Jones
Lauded local poet Lemn Sissay MBE has penned a moving poem in collaboration with Manchester City, looking back on the club’s cultural past and key persons of colour for Black History Month.
Born in Orrell in the borough of Wigan, the published author, playwright, and BAFTA-nominated broadcaster has made a name as one of our region’s most notable wordsmiths, so it’s no wonder that he was selected by the Cityzens to touch on this particular topic.
Teaming up not only with Man City but the club’s first-ever Black footballer, Stan Horne, as well as other senior stars from the Maine Road days, all the way up to the modern Etihad era.
‘The Stadium Speaks’ by Lemn Sissay – a poem commissioned by Manchester City for Black History Month 2025
Entitled The Stadium Speaks, the public reading of the verses runs for just under two minutes, but even in the relatively short space of time, there is so much power in this poignant poem.
Roping in help from other past players like Nedum Onuoha, Shaun Wright-Phillips and Shaun Goater, as well as current stars like Ruben Dias, Khadija ‘Bunny’ Shaw and Jeremy Doku, each line leaves just as much impact as the last.
Just as importantly, they were also joined by Jahmal Williams-Thomas, City Matters’ Black and Mixed Heritage representative, Bing Findlater – the Official Supporter Club’s Equality and Inclusion Lead, as well as several other City fans and staff who work throughout the Eithad Campus.
Each individual who lends themselves to the performance delivers their part perfectly and from the heart; after all, Black culture isn’t something strictly celebrated during the month of October, but throughout communities all year round – as it should be.
Sissay, 58, clearly relished the chance to dive into how Greater Manchester‘s history intersects with not only football, but racism, equality, progress and more.
One stands and we all stand One falls and we all fall We are Manchester City And we stand tall
To celebrate Black History Month Manchester City Football Club commissioned me to write this poem to reflect on the club's journey from Maine Road to today. I have called it…
Speaking via a statement on the club website: “Manchester felt like home to me, the moment I stepped foot across the boundary. I came here very early on, when I think I was 13, I came to see Manchester City play. The first time I came to this city was to see City.
“I want the poem to be owned by the person who’s in the stand watching the game. And I wanted the poem to be owned by the person on the pitch who’s playing it. And I want them to feel proud reading it.”
The post goes on to reiterate that just like all teams throughout the football pyramid, racism and discrimination in all its forms should not and WILL not be tolerated.
Asking supporters to step up and speak as and when needed, City fans can report abuse and/or inappropriate behaviour to 07700151894, which will make security aware of what has been witnessed.
Feedback can also be shared anonymously by texting the specific block, row, seat number and a short description of the incident to the number; if in doubt, talk to a steward or police officer at the game.
Elsewhere, the official MCFC Supporter Charter sets out their zero-tolerance policy when it comes to discrimination, and fans can also report online discriminatory abuse they see targeted at Premier League players, managers, coaches, match officials and their families directly HERE.
Salford City set to reverse kit colour following clear-cut fan vote
Danny Jones
Salford City FC are set to make a historic change, or rather turn back time, as the Greater Manchester side looks set to change its main kit colour back to orange.
The Ammies are undergoing another big overhaul – the most significant since the ‘Class of 92’ bought the club back in 2014 – with supporters being invited to give their thoughts on the direction they want to see the club going in.
Currently sitting ninth in the third tier after making a positive start to the 2025/26 campaign, Salford City have been met not only with fresh investment in recent months but a fresh push for change from the ground up.
Including, as it turns out, the kit colour. After genuine calls to reverse the kit colour from the fans, the Salford board took a fan poll, with over three-quarters of all those who took part voting to return the City jersey to orange.
As you can see, 77.1% of Ammies confirmed that they were in favour of bringing back the predominantly orange and black shirt, shorts and socks; the switch is expected to happen before next season.
The League Two side has made it clear that promotion to the Championship is the big target over the next few years, and as the new consortium headed up by Gary Neville and David Beckham continues to try and transform the club once again, they’re looking to make big statements.
It doesn’t get much more foundational than restoring the orange shirts that Salford City wore for the best part of four decades prior to the initial takeover.
The decision itself comes after a thorough ‘heritage consultation’ process, where the older Neville brother and other key figures took supporter feedback into consideration, including the majority kit vote.
In terms of announcing the change, they’ve had plenty of fun revealing the outcome on social media, too.
Sharing a full statement on the club website, SCFC went on to detail that there is “significant work to be undertaken at the Peninsula Stadium to update cladding and seats, amongst other infrastructure upgrades that are already due to take place.”
Hoping to combine their “tangerine heritage with modern style to create a striking orange identity”, the overall brand aim is now simpler than ever: “when you see orange, you will know what it means. This is Salford. Proud. Unmistakable.”
Long-time supporter, Richard Kedzior – who also owns the recognisable orange and black flag that hangs in the west stand – said of the news: “I’m delighted that we’ve reverted back to orange, which over a 40-year period was the colour we were always associated with prior to the change to red.
“It’s a welcome return to tradition as well as giving us back our unique identity that will once again identify us all as proud supporters of Salford‘s premier football club.”
Before the reversal was fully confirmed, co-owner Neville discussed the potential change in a room full of passionate Salfordians.
Old Dead Tree fanzine committee member, Kev Wright, continued in the statement: “The orange kit represents Salford’s true identity. It sets us apart and reminds everyone that we are our own Club, not just a shadow of Manchester United.
“When we play in red, the comparisons are inevitable, and people can mistake us for something we’re not. Salford is different. It’s about local pride, about belonging to a community with its own history and its own future. Orange gives us a distinct voice and a colour we can call our own. It’s more than just a kit – it’s a statement that we are Salford, and proud!”
Signing off, fellow Ammie Deb Sculthorpe believes that this could be the ‘fresh start’ that the 85-year-old footballing outfit needs, adding that “timing is everything and now is the time.”
A further consultation is set to take place regarding the club crest, too, as some have also suggested reverting the modern logo to the old Salford Central-style badge, with more information to be shared as and when.
What do you make of the decision to swap the modern Salford red for Greater Manchester‘s second city classic orange strip, Ammies?
The Manc -
6th March 2021 
