Singapore woos banks in battle of Asia’s biggest forex hubs

Average daily trading in Singapore jumped 22% to a record $633 billion in April from the same period in 2016, according to the latest survey by the Bank for International Settlements. That’s just ahead of Hong Kong’s $632 billion, as the Chinese city saw a 45% surge in daily transactions.

“We have confidence that we’ll get those players as we’re already in discussions with them,” Chey said in an interview, without disclosing their identities. “Growth of trading in Asian and other emerging-market currencies will be an increasingly important market driver for Singapore.” BIS data showed that Japan’s share of global FX trading in April dropped to 4.5% from 6.1% in 2016. Sales desks from five locations -- the U.K., U.S., Singapore, Hong Kong and Japan -- intermediated 79% of the world’s total daily currency trading.

Family WealthThe number of Asian billionaires will rise by 27% to 1,003 between 2018 and 2023, making up more than a third of the world’s total billionaire population, according to a March report by Knight Frank LLP. Citigroup, the world’s joint biggest forex trading group by market share, will provide liquidity through its Singapore FX trading engine in October. It’s also investing in a second data center, said Mark Meredith, Citi’s London-based global head of electronic trading for FX and local markets.

Story continuesWhile Singapore and Hong Kong have seen increased trading, both cities still lag significantly behind the U.K. and U.S. where investors exchange $3.58 trillion and $1.37 trillion respectively each day, according to BIS data.

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