The London Stock Exchange's recent lacklustre performance could be a sign London is becoming a financial backwater, City hedge fund veteran Sir Paul Marshall warns.

“Trading volumes are incredibly low,” the chair of hedge fund group Marshall Wace told BBC's Radio 4, noting that the London Stock Exchange trades about $6.5bn a day while Apple alone trades $11bn. “So in terms of global trading volume, a lot of this work is becoming irrelevant.”