The UK has been ranked first of all EU countries for the number of new businesses created. Good access to funding, both through banks and venture capital, have been a prime enabler for start-ups, but relatively low levels of tax and red tape have also been highly beneficial.

City A.M. Article

Nasdaq OMX has announced that its progress in providing derivatives clearing services to its members has been “strong”, according to EVP Transaction Services Nordics, Hans-Ole Jochumsen. Clearing of IRS products through Nasdaq OMX in Europe has grown substantially, with the company now being the second largest IRS clearing house in Europe.

CFTC Dodd-Frank rules coming into force in October are expected to have a dramatic impact on the market share of US banks in the swaps market as non-US clients are planning to shift significant areas of business to entities not affected by Dodd-Frank in Europe. This move is due to the expense of compliance – particularly the expense of putting all OTC derivatives through a central clearing house. UK and Eurozone based branches of US banks will also be required to comply with the US rules, unless there is a comparable home country compliance regime – European rules are not yet finalised, meaning costly dual regime compliance.