HISTORIC PRESS RELEASE : New overseas investement exchange boosts the City [February 1999]

The press release issued by HM Treasury on 23 February 1999.

The opening of another non-EU overseas investment exchange in London will reinforce the attractiveness of the City as a major financial centre for overseas traders, Economic Secretary Patricia Hewitt said today.

Ms Hewitt was announcing the recognition by HM Treasury of the Cantor Financial Futures Exchange as an overseas investment exchange under sections 37 and 40 of the Financial Services Act 1986. Ms Hewitt said:

” I am pleased that the Cantor Financial Futures Exchange has been able to satisfy the conditions laid down in the Financial Services Act to be recognised as an overseas investment exchange. UK firms and financial traders will shortly be able to access the exchange through terminals based here in London.

“Increased competition between exchanges should benefit markets and investors, promoting improved efficiency and innovation and strengthening the UK financial services industry. Greater liquidity and depth will also reinforce London’s position as one of the world’s top international financial centres.

“More overseas exchanges do business in the UK than in any other country. London offers a wide range of choice for internationally mobile financial services firms, making it extremely attractive for them to base their operations here. “