PARTICIPATION IN BIS TRIENNIAL SURVEY AND FINANCIAL
MAS participated in the Bank
for International Settlements (BIS) Triennial
Central Bank Survey of Foreign Exchange and Derivatives
Activity 2004. 53 central banks and monetary authorities
were involved in this globally coordinated foreign exchange
Singapore maintained its ranking as the fourth largest
forex centre in the world. The survey results in Singapore
showed that domestic average daily foreign exchange
turnover, based on a new survey methodology of using
data from sales desks, was US$125 billion for April
2004. Based on trading desk reporting, MAS estimates
that the average daily forex turnover in Singapore reached
US$153 billion in April 2004, a 51% increase over 2001.
The higher turnover activity is a result of more global
players centering their Asian time zone business in
Singapore in recent years. The larger flows are also
due to non-financial customers. In line with global
trends, there was strong growth in the volume of USD
and Euro contracts. Inter-bank players also benefited
from increased activity with non-financial customers.
Daily average turnover for over-the-counter (OTC) derivatives
in April 2004 rose almost three-fold to US$17 billion
in April 2004 from US$6 billion in April 2001.
MAS also increased our participation in financial stability
initiatives coordinated by multilateral organisations.
- International Monetary Fund's
(IMF) technical assistance missions, which contribute
to the development of the productive resources of
IMF member countries by enhancing the effectiveness
of economic policy and financial policy.
- IMF's compilation exercise of
Financial Soundness Indicators, which are a set of
key statistics that the IMF recommends for financial
- BIS-Committee on the Global Financial
System's survey on stress testing, which is another
key tool in financial surveillance work.
Throughout 2004, MAS further contributed
to global financial stability by sharing our macro-surveillance
framework with other central banks, particularly those