BIS Survey: Singapore 3rd largest foreign exchange trading centre
Preliminary results of Triennial Central Bank Survey 2013 released
According to the once every three years BIS survey conducted among central banks, Singapore is now the 3rd largest foreign exchange trading centre in the world. Singapore advanced from the 4th spot in 2010 to 3rd, displacing Japan. In the meantime, Switzerland was ousted from 5th place by Hong Kong. UK and US remain in top two places.
Singapore’s market share increased from 5.3% in 2010 to 5.7%.
Salient points in survey for currency investors to take note
- Euro remained as second most traded currency but market share fell.
- Mexican Peso and Chinese Renminbi moved to top 10 spot.
- Russian Rouble saw significant increase.
- Australian Dollar and New Zealand Dollar increased market share in global FX trading; Canadian Dollar, Swedish Krona and Swiss Franc fell.
- Singapore Dollar market share in global turnover fell to 15 place.
More information is available from Singapore Foreign Exchange Market Committee.