Singapore is Asian Lord of the Forex Market

In the midst of the financial market turmoil in Asia , Singapore is still a successful appeal to traders of foreign exchange ( forex ) . Predicate champion foreign exchange market ( forex ) in Asia managed disabet the country .

Citing data from the Bank for International Settlements ( BIS ) , Singapore became ruler after posting a rise in the foreign exchange market daily turnover by 44 per cent to U.S. $ 383 billion as at April 2013 .

In fact , in April 2010 , forex transactions in Singapore only for U.S. $ 266 billion dollars . Globally , Singapore forex market represents 5.7 percent of the total world market share of foreign exchange transactions . Britain occupied the first position with a 41 percent market share , followed by the United States 19 percent , Japan 5.6 percent , 4.1 percent and Hong Kong .


This good report card as well as bringing Singapore to shift Japan as the ruler 's largest currency market in Asia for the first time . " Singapore has successfully transformed into a stopover for foreign trade , " said Khoon Goh , a currency strategist at Australia & New Zealand Banking Group Ltd ( ANZ ) , in Singapore , as quoted by Bloomberg , on Friday ( 09/06/2013 ) .

According to Goh , the increase in the volume of transactions that reflect the increasingly important Asian currencies in the global currency market . On the other hand , Singapore time zone is considered very suitable to represent foreign exchange transactions . " Another reason , the Government of Singapore also continues to urge large financial institutions to open offices in operation here , " he said .

BIS notes , the world forex market capitalization reached U.S. $ 6.67 trillion . In late April 2013 , the volume of global foreign exchange transactions increased 33 percent when compared to April 2010 to U.S. $ 5.3 trillion for days . Trigger an increase , namely the Japanese yen surging volume of transactions .

Indeed , the main attraction of Singapore as the forex market is a tax incentive . Tax relief is also successfully attracted about 500 global hedge fund that manages U.S. $ 1.1 trillion . " The growth of foreign exchange transactions is an important factor for the development of capital markets and asset management , " said Jacqueline Loh , Deputy Director of the Monetary Authority of Singapore ( MAS ) .

Based on the records of MAS , in the same period , the volume of interest derivative transactions also increased 6 percent to 37 billion dollars per day . Volume is second only busy with transactions in Japan .