Singapore is third-largest forex centre globally and tops in Asia according to Bank of International Settlement (BIS) Survey 2019, holding a 7.6% (USD633b daily trading volume) of the global FX trading volume trailing behind UK (43.1%, USD3,572 daily trading volume) and US (16.5%, USD1,670 daily trading volume).
Hong Kong was a close fourth (7.6%, USD632 daily trading volume), and Japan, fifth (4.5%, USD376b daily trading volume).
Despite the uncertainty of Brexit, UK remained the most active FX trading hub, with a trading volume more than the combined volumes from the 2ndto 5th forex centres: US, SG, HK and JP. The global forex volumes grew 30% to hit US$6.6 trillion in April this year.
USD continued to be the most traded currency and 88% of global trading volume was executed in USD (88%) with the rest by EUR (32%), JPY (17%) and GBP (13%).