The Foreign Exchange Committee, which meets under the auspices of the New York Fed, reports that average daily turnover in October of 2008 of all FX instruments rose 8.7% to $762 billion when compared with a year earlier. However, not surprisingly, the level of activity in swaps and options declined, falling 16.4% and 35.4% respectively. In contrast, spot volumes were 27% higher. According to the FXC, average daily ticket volume rose 80.6% versus October 2007, and the average trade size fell to $1.8
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