SINGAPORE is the fifth-largest centre for foreign exchange trading, according to the Bank for International Settlements (BIS).

The average daily foreign exchange turnover in Singapore surged to US$231 billion (S$347 billion) in April, an 84 per cent jump over the same month in 2004 when the BIS survey was last taken, though it still slipped one place.

The poll of foreign exchange and over-the-counter (OTC) derivatives activities found Britain to be the leading trader, the United States second, Switzerland third and Japan fourth.

The survey, which is held every three years, ranked Singapore as the eighth-largest centre in terms of OTC derivatives trading. This is up from 12th place in 2004. Britain led with 42.5 per cent of global sales in OTC derivatives. The US trailed with 23.8 per cent, while Japan and Singapore were the only non-European nations to record sizeable trading in such derivatives.

Mr Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said the findings affirm Singapore's continued strong growth as a key foreign exchange centre.

'A number of financial institutions have chosen Singapore as their Asian foreign exchange trading hub, and several have been expanding their operations here,' he said.

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