London is a global financial centre and the pre-eminent international financial centre in Europe. While New York and Tokyo source a larger volume of business from their domestic markets, London has the largest share of many international financial markets. London’s leading role in the key international financial services industry arises from a long history of openness, with relatively easy access to markets and a tradition of welcoming foreign firms, supporting a trading culture that dates back to the time when the UK was the dominant world trading country over a century ago. The international insurance market, for example, began in London and much of the business there is administered through the Lloyd’s market.