London increases global forex dominance

Discussion in 'Forex' started by ASusilovic, Sep 26, 2007.

  1. London’s dominance of the global foreign exchange market is growing sharply as New York and Japan lose ground, a survey has revealed. The UK’s share of forex trading volumes jumped from 31.3% in April 2004 to 34.1% in April 2007, according to the latest triennial survey from the Bank for International Settlements. This was more than double that of the US, its nearest rival, which saw its share of the market fall from 19.2% three years ago to 16.6%. Japan’s share, meanwhile, slumped to its lowest level in at least 12 years, with currency trading volumes falling from 8.3% of the global total in April 2004 to 6% in April 2007 – the lowest since the survey began in 1995.