Singapore is notably in the top rankings of trading destinations for FX on a global basis. The Bank of International Settlements (BIS) has reported that Singapore is only marginally trailing behind the UK and the US in the multi-trillion dollar FX market. While distributing up-to-date market statistics for last month, SGX revealed a surge in the volume of Yuan – the national Chinese currency which accounts for close to 4% of currency volume on a worldwide basis.
BIS states that a daily average volume reaching around $284 billion has been reported for Chinese Yuan, and that FX trading hubs have been competing for significant shares of Yuan trading. Deutsche Bank have made their comprehension of these stats known, declaring hopes for increased capabilities in China in the near future. Singapore is nevertheless the biggest currency trading-hub in Asia, as it battles to remain ahead of its biggest rival, Hong Kong.
Lynne said:
We’re increasing our algo capability for China, which requires access to CFETS data. We already see a majority of our products trading purely on algo. We expect to see more of that activity pricing on algo in the future.
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