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2. Average daily turnover in over-the-counter (OTC) interest rate derivatives was US$78 billion during April 2010, 37% higher than the US$57 billion recorded during April 2007. The survey ranks Singapore as sixth largest centre globally, up from seventh position in 2007 and underscores Singapore's development as a key derivatives trading centre in Asia.
3. The BIS Triennial Central Bank Survey – FX and Derivatives Market Activity uses a data collection approach based on the location of the sales desks. 54 banks in Singapore were involved in the survey. The Singapore Foreign Exchange Market Committee (SFEMC) 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 last survey done for the month of April 2010 had recorded average daily FX turnover at around US$289 billion.
4. Mr Ong Chong Tee, Deputy Managing Director, MAS said, "The BIS as well as the SFEMC surveys affirm Singapore's consistent growth as a key foreign exchange centre in the world and in Asia. Trading of emerging market currencies including the Singapore Dollar grew significantly. Financial institutions based in Singapore, serving the foreign exchange needs of their clients in the region and beyond, are well-placed to capitalise on this growth."
5. The BIS is publishing preliminary global results today (http://www.bis.org/publ/rpfx10.htm), with a detailed analysis to follow.
Footnote:
Previous BIS triennial surveys have used "traditional foreign exchange market" instruments which comprised spot transactions, outright forwards and foreign exchange swaps in the reporting of foreign exchange market turnover. In the current survey, two other instruments, namely currency swaps and currency options, have been added to the above three instruments for the reporting of foreign exchange market turnover.
