Singapore’s currency-trading volumes averaged US$361.5 billion ($436.7 billion) a day in April, a 14% increase from October, a survey by the Singapore Foreign Exchange Market Committee showed.
Traditional spot trading, outright forwards and foreign- exchange swaps averaged US$314.2 billion per day, compared with US$278.4 billion in October, according to the survey released today. Total volumes rose 32%. Daily turnover of derivatives, comprising currency swaps and options, increased 20% to US$47.2 billion from October, although declining 0.1% from April 2010, the survey showed.
Singapore’s gross domestic product increased 9.3% in the first quarter from a year earlier, according to government statistics, following a 14.5% annual expansion in 2010.
Traditional spot trading, outright forwards and foreign- exchange swaps averaged US$314.2 billion per day, compared with US$278.4 billion in October, according to the survey released today. Total volumes rose 32%. Daily turnover of derivatives, comprising currency swaps and options, increased 20% to US$47.2 billion from October, although declining 0.1% from April 2010, the survey showed.
Singapore’s gross domestic product increased 9.3% in the first quarter from a year earlier, according to government statistics, following a 14.5% annual expansion in 2010.
The semi-annual survey is based on data compiled from the trading desks of 30 financial institutions and supported by the Monetary Authority of Singapore.
Banks in the city-state accounted for 5% of the global US$4 trillion-a-day foreign-exchange market in April 2010, according to a triennial survey published in December by the Bank for International Settlements. Only the U.K, U.S. and Japan had larger shares.
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