Singapore's Treasury Market Turnover Increases for the Fifth Consecutive Year Foreign Exchange Trading Reaches Seven Year High

Singapore, 11 October 2005...For the fifth year in a row, average daily trading volumes of treasury activities in Singapore have risen, reaching a high of US$204 billion in 2004, a 21% increase over 2003. This is the largest increase experienced by Singapore's treasury market since 2000, according to the Monetary Authority of Singapore's (MAS) Survey of Singapore Treasury Activities 2004.
 
2   Foreign exchange trading activity continued to be a key growth area in Singapore's treasury market, with average daily trading volumes increasing by 30% in 2004 to reach a seven year high of US$154.9 billion. Treasury revenues also grew in tandem, reaching a high of S$5.4 billion.

3   In line with the robust performance in the industry, the number of treasury professionals increased by 5.5%, from 3,840 in 2003 to 4,051 in 2004.

4   Said Mr Lee Chuan Teck, Executive Director, Financial Markets Strategy Department, MAS, "The positive results of the Survey reflect the surge in global treasury activities and underpin Singapore's position as the leading treasury centre in Asia. Banks are hiring more treasury professionals, particularly in new growth areas, such as equity derivatives and commodities."

2004 Survey of Singapore Treasury Activities

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