Predictably, the majority of comment on the Bank for International Settlements (BIS) survey led with the largely meaningless aggregate turnover figure, a measure that is about as useful a gauge of FX market development as VaR is as a tool for the management of an exotic options book.
But for once theweeklyFiX will conform to the market norm: the aggregate figure was reported at $3,981 billion during April 2010, compared with $3,324 billion in 2007. The total sums average daily turnover figures for spot FX, outright forwards, FX swaps, currency swaps and “options and other products”.
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