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Singapore Reinforces Position as the Largest FX Centre in the Asia-Pacific and Third Largest Globally

Singapore, 1 September 2016... The Monetary Authority of Singapore (MAS) announced today that Singapore remains the largest foreign exchange (FX) centre in the Asia-Pacific region and third largest globally after London and New York, according
to the 2016 Triennial Central Bank Survey1 of the global FX and over-the-counter (OTC) derivatives markets by the Bank for International Settlements (BIS).

2 The average daily trading volume of Singapore’s FX market was US$517 billion in April 2016, up 35% from US$383 billion in April 2013. Singapore’s share of global

FX volumes has grown to 7.9% in 2016, from 5.7% three years ago.

3 The expansion in Singapore’s FX market was chiefly driven by growth in G10 and Asian currencies such as CNY2
(78%), JPY (67%), GBP (60%) and KRW (55%).

Foreign exchange swaps made up the largest traded foreign exchange product class in Singapore and accounted for 48% of all trades, followed by spot (24%) and FX

forwards (20%).

4 Interest rate derivatives market also registered strong growth, with average daily volumes surging 57% to US$58 billion in April 2016, compared to US$37 billion

in April 2013, the second highest in Asia. The most actively traded instruments were AUD (25%), SGD (18%) and JPY (13%) interest rate derivatives.

5 Ms Jacqueline Loh, Deputy Managing Director of MAS, said, "Singapore is the preeminent marketplace in Asia for global and regional banks, non-bank financial

institutions and corporate treasurers to manage their FX risks. MAS is working with  the industry to build further on this lead. We are looking to further enhance price

discovery, liquidity and transparency in our FX market by strengthening electronic trading capabilities and anchoring market infrastructure.”

6 The BIS has published the preliminary global results today (see the BIS website at, with a detailed analysis to follow

in December 2016. Central banks of many other countries are also publishing their own survey results; links to their websites can be found on the BIS’ website.

7 Details of Singapore’s BIS Triennial Central Bank Survey can be found in the annex tables.

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