Strong Treasury market
According to a survey by the Singapore Foreign Exchange Market
Committee (SFEMC), average daily foreign exchange (FX) trading
volumes in Singapore jumped 44% from a year ago, to reach US$229
billion in October 2007 (Chart 10).
The SFEMC carried out this semi-annual FX survey of the top 30 trading
banks in Singapore, in co-ordination with similar committees in New
York, London and Tokyo.
The Bank for International Settlement (BIS) also carried out its triennial
FX survey and ranked Singapore as the fifth largest FX centre in the
world and the second largest in Asia, close behind Tokyo. According
to the BIS, average daily FX turnover in Singapore jumped 84% from
April 2004, to reach US$231 billion in April 2007.
Singapore's FX market continued to be international in character, with
the major currencies such as US Dollar, Japanese Yen and Euro
back to top