By Hannah Koh
SINGAPORE has been ranked the fourth largest foreign exchange centre globally and the second largest in Asia after Tokyo in an international survey.
According to the latest survey by the Bank for International Settlements (BIS) average daily foreign exchange (FX) turnover volume in Singapore was US$266 billion (S$360 billion) during April 2010 compared to US$242 billion in April 2007.
Average daily turnover in over-the-counter (OTC) interest rate derivatives was US$78 billion during April 2010, 37% higher than the US$57 billion recorded during April 2007.
The survey ranks Singapore as the sixth largest centre globally, up from seventh position in 2007 and underscores Singapore's development as a key derivatives trading centre in Asia.
Ong Chong Tee, Deputy Managing Director, MAS said, 'The BIS as well as the SFEMC surveys affirm Singapore's consistent growth as a key foreign exchange centre in the world and in Asia.
'Financial institutions based in Singapore, serving the foreign exchange needs of their clients in the region and beyond, are well-placed to capitalise on this growth'.
The BIS Triennial Central Bank Survey - FX and Derivatives Market Activity uses a data collection approach based on the location of the sales desks. 54 banks in Singapore were involved in the survey.
