The UK has lost its status as the largest trading centre for over-the-counter interest rate derivatives to the US, according to new figures published by the Bank for International Settlements, amid increased trading of dollar instruments and weak euro activity.

The BIS Triennial Central Bank Survey, which looks at the size and structure of OTC derivatives markets, shows that the UK's share of global activity in OTC interest rate derivatives trading fell to 39% from 50% between April 2013 and April 2016, as the US saw its share swell to 41% from 23%.