Tokyo and Singapore have overtaken Switzerland as major global currency trading centers in recent years, reflecting the speedy growth of Asia in foreign exchange (FX). According to the Bank of International Settlements, average daily trading volume in Tokyo in April was 25% higher than three years earlier, at $312.3 billion, while Singapore's trading volume grew 10% to $266 billion a day.
Experts expect Singapore to eclipse Japan as the largest FX trading centre in Asia after the ASEAN economic community is fully integrated by 2015. Industry observers added that Singapore is also well placed to capitalise on the growing foreign capital inflows into Asia, clerarly shown with ASEAN's share of total global foreign direct investment rising from 2.8% in 2008 to 3.6% in 2009.
S'pore to overtake Japan as Asia's largest FX trading centre by 2015 [Channel NewsAsia, 7 Sept 2010]
Tokyo, Singapore Overtake Switzerland As Forex Centers [The Wall Street Journal, 1 Sept 2010]