ALREADY THE LARGEST financial market, foreign exchange is growing fast. Results of the Bank for International Settlements’ sixth triennial central bank survey of FX and derivatives market activity, published at the end of last month, show a large increase in trading volume in traditional foreign exchange markets.
Average daily global turnover in traditional FX markets rose to $1.9 trillion in April 2004, up by 57% on April 2001 at current exchange rates and by 36% at constant exchange rates (see table).
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