06-09-2013, 10:25 AM
In fact, I am surprise that Hong Kong is at 5th, two position lower than Singapore...
S’pore overtakes Japan as Asia’s biggest forex hub
SINGAPORE — The Republic has overtaken Japan as Asia’s biggest foreign-exchange centre for the first time as trading surged in the past three years, the Monetary Authority of Singapore said yesterday, citing a survey by the Bank for International Settlements.
Singapore’s average daily foreign-exchange volume increased 44 per cent to US$383 billion (S$490.4 billion) as of April from US$266 billion in the same month in 2010, the MAS said. The average interest-rate derivatives volume climbed 6 per cent to US$37 billion over the same period, the highest in the region after Japan, it said.
“Singapore has definitely established itself as a hub for foreign-exchange trading. Part of this emergence is due to the increasing importance of Asian currencies, and Singapore’s time zone is well-suited for that,” said Mr Khoon Goh, a senior currency strategist at ANZ Bank in Singapore.
The rise in ranking puts Singapore behind just the United Kingdom and United States in the US$6.67 trillion global currencies trading market, according to the Bank for International Settlements (BIS).
Singapore’s foreign-exchange market expanded as the Government offered incentives to boost its financial markets, which also led to a surge in the nation’s fund management industry, where more than 500 asset managers oversee about US$1.1 trillion.
“Our growing strength in foreign exchange is a key complement to the development of capital market and asset management activities,” said Ms Jacqueline Loh, Deputy Managing Director at the Monetary Authority of Singapore.
“It will also better position our financial centre to serve the investment and risk management needs of financial institutions and corporates throughout Asia.”
Currencies trading in Singapore is still one-seventh the size of the UK and less than a third of the US. The UK has 41 per cent of the global market, followed by the US with 19 per cent, according to the BIS, the record-keeper of the world’s central banks. Singapore has a 5.7 per cent share, followed by Japan’s 5.6 per cent and Hong Kong’s 4.1 per cent, it said.
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http://www.todayonline.com/business/spor...-forex-hub
S’pore overtakes Japan as Asia’s biggest forex hub
SINGAPORE — The Republic has overtaken Japan as Asia’s biggest foreign-exchange centre for the first time as trading surged in the past three years, the Monetary Authority of Singapore said yesterday, citing a survey by the Bank for International Settlements.
Singapore’s average daily foreign-exchange volume increased 44 per cent to US$383 billion (S$490.4 billion) as of April from US$266 billion in the same month in 2010, the MAS said. The average interest-rate derivatives volume climbed 6 per cent to US$37 billion over the same period, the highest in the region after Japan, it said.
“Singapore has definitely established itself as a hub for foreign-exchange trading. Part of this emergence is due to the increasing importance of Asian currencies, and Singapore’s time zone is well-suited for that,” said Mr Khoon Goh, a senior currency strategist at ANZ Bank in Singapore.
The rise in ranking puts Singapore behind just the United Kingdom and United States in the US$6.67 trillion global currencies trading market, according to the Bank for International Settlements (BIS).
Singapore’s foreign-exchange market expanded as the Government offered incentives to boost its financial markets, which also led to a surge in the nation’s fund management industry, where more than 500 asset managers oversee about US$1.1 trillion.
“Our growing strength in foreign exchange is a key complement to the development of capital market and asset management activities,” said Ms Jacqueline Loh, Deputy Managing Director at the Monetary Authority of Singapore.
“It will also better position our financial centre to serve the investment and risk management needs of financial institutions and corporates throughout Asia.”
Currencies trading in Singapore is still one-seventh the size of the UK and less than a third of the US. The UK has 41 per cent of the global market, followed by the US with 19 per cent, according to the BIS, the record-keeper of the world’s central banks. Singapore has a 5.7 per cent share, followed by Japan’s 5.6 per cent and Hong Kong’s 4.1 per cent, it said.
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http://www.todayonline.com/business/spor...-forex-hub
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