S'pore ranked third-largest foreign exchange centre in the world
2013-09-06 16:49:22
Singapore has been ranked the third-largest foreign exchange (FX) centre in the world in 2013, after London and New York.
This is a notch higher from its fourth place in the previous ranking in 2010.
It has also retained its ranking as the largest FX centre in Asia this year, according to the latest survey by the Bank of International Settlements (BIS).
In BIS' 9th triennial survey, Singapore's average daily FX turnover volume grew 44 per cent to US$383 billion in April 2013, compared with US$266 billion in April 2010.
Global turnover growth in the same period was 35 per cent.
A statement released by the Monetary Authority of Singapore on Thursday said the average daily interest rate derivatives turnover volume in Singapore grew 6 per cent to US$37 billion in April 2013.
This was the second-largest volume recorded in Asia, after Japan.
In April this year, the Singapore Foreign Exchange Market Committee (SFEMC) carried out its semi-annual FX survey of the top 30 trading banks in Singapore.
The average daily turnover was around US$381 billion, up 6 per cent compared to the last survey in October 2012.
"The results of the BIS and the SFEMC surveys demonstrate Singapore's consistent standing as a key foreign exchange centre in the world and in Asia," said Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore.
"Our growing strength in foreign exchange complements the development of capital market and asset management activities in Singapore. It will also better position our financial centre to serve the investment and risk management needs of financial institutions and corporates throughout Asia," she added.
The BIS Triennial Central Bank Survey - FX and Derivatives Market Activity uses a data collection approach based on the location of the sales desks.
Sixty-four banks in Singapore were involved in the survey.