London-based XTX Markets, which is among the largest electronic trading outfits in the world, has picked Paris to serve as its hub in the European Union once the UK leaves the bloc next March.

The decision marks a significant victory for Paris, and boosts its credentials as a European trading hub. XTX was the third-largest liquidity provider in the $5.1tn-a-day foreign exchange market in 2018, according to the closely followed Euromoney rankings.