ECB: bulk of euro trading will stay in London after Brexit

In its annual review of the single currency, the central bank says any shift from the UK to the EU will be gradual

ECB in Frankfurt
European Central Bank: "Any shift to mainland Europe after Brexit would be gradual"

Any shift in foreign exchange transactions conducted in euros from the UK to mainland Europe after Brexit would be gradual due to the country’s technology advantage, the European Central Bank (ECB) said in its 16th annual report on the single currency.

In its review, The international role of the euro, published on July 5, the central bank presented an overview of developments in the use of the currency by non-euro area residents, and noticed the UK’s advantage as a hub for trading using fibre-