Singapore leapfrogs Japan to be largest foreign exchange centre in Asia

It is now the third largest forex centre globally, behind London and New York says the Bank for International Settlements (BIS).

Get the full story from The Straits Times.

Here is the full statement from the Monetary Authority of Singapore:

According to the latest survey by the Bank for International Settlements (BIS), average daily foreign exchange (FX) turnover volume in Singapore grew 44% to US$383 billion in April 2013 compared with US$266 billion in April 2010. Global turnover growth in the same period was 5%. The survey ranks Singapore as the third largest FX centre globally after London and New York and the largest FX centre in Asia.

Average daily interest rate derivatives turnover volume in Singapore also grew 6% to register US$37 billion in April 2013, the second largest volume in Asia, behind Japan.

The Singapore Foreign Exchange Market Committee (SFEMC) also carries out a semi-annual FX survey of the top 30 trading banks in Singapore. This survey is conducted based on the location of the trading desks.

The most recent FX survey done for the month of April 2013 recorded an average daily turnover at around US$3 81 billion, a 6% increase compared to the last survey in October 2012.

Ms Jacqueline Loh, Deputy Managing Director, MAS said, "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. 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."