The latest survey by the Bank for International Settlements (BIS) shows that in April 2010, Singapore's average daily foreign exchange trading volume increased from $242 billion three years ago to $266 billion, marking Singapore as the fourth largest foreign exchange trading center in the world and the second largest in Asia after Japan.
A press release from the Monetary Authority of Singapore on September 1 stated that the BIS survey indicated that the average daily trading volume of over-the-counter interest rate derivatives in Singapore reached $78 billion in April 2010, a 37% increase from $57 billion in April 2007.
The press release quoted the Deputy Managing Director of the Monetary Authority, Wang Zongzhi, as saying: “Financial institutions headquartered in Singapore that meet the foreign exchange needs of their clients both regionally and internationally have effectively capitalized on this growth.”
The Bank for International Settlements also published the results of a three-year central bank survey titled "Foreign Exchange and Derivatives Market Activity," in which London continues to be the largest foreign exchange trading center in the world. The BIS also stated that foreign exchange trading surged by 20% over the past three years, with the average daily foreign exchange trading volume reaching $4 trillion in April 2010.
