Singapore continues to be the largest foreign exchange center in the Asia-Pacific region and it is the third-largest globally, after London and New York. A survey initiated by the Monetary Authority of Singapore (MAS), together with the central banks and authorities of 51 other jurisdictions on global foreign exchange and over-the-counter derivative markets, held every three years on behalf of the Bank for International Settlements, found the average daily trading volume of Singapore’s foreign exchange market was $517 billion in April, up 35% from the $383 billion of three years ago. Singapore’s share of global foreign exchange volumes has grown to 7.9% in 2016, from 5.7% three years ago, the survey found. This has been due to the growth in currencies such as the Chinese yuan, Japanese yen, British pound and Korean won. Foreign exchange swaps made up the largest traded foreign exchange product class in Singapore, accounting for 48% of all trades, followed by spot trades and foreign exchange forwards.
