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View all search resultsSingapore now Asia's largest forex centre
Singapore has leapfrogged Tokyo over the past three years to become the largest foreign exchange centre in Asia
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Singapore has leapfrogged Tokyo over the past three years to become the largest foreign exchange centre in Asia.
Globally, it is now the third-largest forex centre, behind London and New York, said the Bank for International Settlements (BIS).
Over the past three years, Singapore's average daily forex turnover has grown 44 per cent, reaching US$383 billion in April this year.
The pace surpassed the 35 per cent growth seen in global forex turnover.
Average daily turnover for interest rate derivatives in Singapore grew 6 per cent to US$37 billion in April this year - the second-highest figure for Asia, behind only Japan's.
The figures were revealed in the BIS triennial central bank survey of turnover in forex markets.
Separately, the Monetary Authority of Singapore (MAS) said the Singapore Foreign Exchange Market Committee found in its latest semi-annual forex survey in April that average daily turnover at the top 30 trading banks in Singapore had grown 6 per cent over the previous six months to US$381 billion.
"Our growing strength in foreign exchange complements the development of capital market and asset management activities in Singapore," said MAS deputy managing director Jacqueline Loh.
"It will also better position our financial centre to serve the investment and risk management needs of financial institutions and corporates throughout Asia."
The BIS added in its report on Thursday that trading volumes in foreign exchange markets averaged US$5.3 trillion a day in April this year, up 32.5 per cent from the levels in April 2010.
The US dollar remained the dominant vehicle currency. It made up 87 per cent of all trades in April this year.
Forex trading is becoming increasingly concentrated in the world's largest financial centres, the BIS noted.
Sales desks in Britain, the United States, Singapore and Japan intermediated 71 per cent of forex trading in April this year - three years ago, their combined share was 66 per cent.
