Singapore Forex turnover volume jumps 84 pc

Singapore, Sep 25 (UNI) The latest survey by the Bank for International Settlements (BIS) has reported an 84 per cent jump in average daily foreign exchange (FX) turnover volume in Singapore to 231 billion dollar this year compared with 2004.

The survey ranks Singapore as the fifth largest FX centre in the world and the second largest in Asia, closely behind Tokyo, said the Monetary Authority of Singapore (MAS), the de facto central bank of the city state.

The BIS Triennial Central Bank Survey -- FX and Derivatives Market Activity in 2007 -- which is for the reporting month of April this year, shows that Singapore's FX market continues to be international in character, with the major currencies such as Dollar, Japanese Yen and Euro dominating turnover volumes.

The survey also ranks Singapore as eighth largest centre globally in terms of over the-counter (OTC) derivatives trading, up from twelfth position in 2004.

The average daily OTC derivatives turnover in April 2007 increased three-fold to 68.6 billion dollar, compared to 17 billion dollar in 2004.

FX derivatives accounted for an average daily turnover of 11.3 billion dollar while single currency derivatives stood at 57.3 billion dollar.

UNI