Trade worth hundreds of billions has shifted from London to New York due to Brexit.

The European derivatives market has seen a significant shift away from the UK and towards the US since Brexit officially took effect at the turn of the year.

London has traditionally dominated the European market for interest rate swaps -- derivative products that let companies guard against unexpected changes in interest rates.

But New York has seen its average weekly trade in these contracts balloon by over $600bn (£435bn) since the turn of the year, data provided to Yahoo Finance UK shows. Separate figures shows London's market share has fallen by 75%.

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