Singapore still largest FX centre in Asia-Pacific, third largest globally

SINGAPORE (Sept 1): The Monetary Authority of Singapore (MAS) on Thursday says Singapore is still the largest foreign exchange (FX) centre in the Asia-Pacific region, and third largest globally after London and New York.

The average daily trading volume of Singapore’s FX market was US$517 billion ($705 billion) in April 2016, up 35% from US$383 billion in April 2013. The city-state’s share of global FX volumes has grown to 7.9% in 2016, from 5.7% three years ago.

This is according to the 2016 Triennial Central Bank Survey of the global FX and over-the-counter (OTC) derivatives markets by the Bank for International Settlements (BIS).

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