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For the last three years, global finance has been rocked by sub-prime mortgages, bank failures and sovereign-debt scares. But the world’s foreign exchange markets have nonetheless grown by leaps and bounds. That is the surprising conclusion of a survey of the market published on December 1st.
The study, the Triennial Central Bank Survey for the Bank for International Settlements (BIS), shows that the foreign exchange market expanded by 20% to average daily trading of US$3.98trn in April 2010 from three years before. It also documents the increasing role of non-traditional financial traders. Finally, it provides evidence of the continued domination of the market by traders in the UK, US and a handful of other established centres.
Read more at Financial Services Briefing: “Resilient forex” (December 1st)