Banks should recognise Asia's growing FX stature
The hunt for the cities to take over London's mantle as the top global financial centre could be over in no time
Add BT as a preferred source
Singapore
ON ANY given day recently, more than US$1.3 trillion in currencies would have been traded in the major Asian financial centres of Singapore, Hong Kong and Tokyo - much of it before the traditional FX centre, London, has woken up.
With its central location and time zone, well-established laws and regulations and the presence of top-tier trading infrastructures, London has acquired an enviable level of global reach and influence as a foreign exchange capital. According to the last Bank for International Settlements survey, London's FX daily trading volume was a staggering US$2.406 trillion, nearly double that of nearest rival New York.
TRENDING NOW
Knight Frank Singapore CEO Galven Tan resigns after 2.5 years at helm
ABSD deadline extended to up to 7 years for developers of large en bloc sites to encourage reuse of land
15-month wait-out curb lifted for private property owners buying HDB resale flats
Philippines’ income upgrade hides grim reality for most Filipinos
