Although the figures presented in the latest Bank for International Settlements Triennial Central Bank Survey 2007 will not have come as too much as a shock to foreign exchange market participants, they remain impressive. According to BIS, they show an “unprecedented rise in activity in traditional foreign exchange markets compared to 2004”.
Overall daily activity in the FX market rose by 71% at current exchange rates to $3.2 trillion in April 2007 (see table). More impressive, perhaps, was the fact that daily swap volumes rose by 82% to just over $1.7
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