Australia’s share in the global forex market increased further to 3.4%, up from 3.2% in 2001.

Since the last survey in 2001, Australia has advanced one place to overtake Switzerland (US$79 billion a day) as the seventh largest centre in the world. The UK continues to be the most active trading centre, capturing 31.3% of total turnover, followed by the USA (19.2%), Japan (8.3%), Singapore (5.2%), Germany (4.9%) and Hong Kong (4.2%).

Australia’s daily average for OTC derivatives turnover further expanded by around 50% to US$18 billion in 2004 from US$12 billion in 2001.

This growth is well above that of other Asian markets including Japan (24%), Singapore (19%) and Hong Kong (13%).

The report shows that Australia’s over-the-counter (OTC) derivatives market also continued to rise.

The US/Australian dollar was the fourth most actively traded currency pair in the world, overtaking trading in the US dollar/ CHF and US/Canadian dollar.

The country has climbed three places since the 2001 survey to rank 9th in the global OTC derivatives market, placing it ahead of Singapore (12th) and Hong Kong (13th).

posted by Administrator at 3:13 am & filed under Euros |