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Singapore forex trades drop, main growth expected from institutions

Jul 17 2017
By
Jonathan Smith

 Singapore, which according to the Bank of International Settlements data is among the three largest forex markets with an average daily volume of $517 billion in 2016, is keeping its position, despite the dropping number of trades, shows an Investment Trends report on the country's market. According to it, in 2016 Singapore increased its market share by 30% from 2015.

 

The data shows that in 2016 an estimated 22 300 people placed at least one forex trade, down from 24 500 in 2015. The report also finds that almost half of the previously active traders has not placed a single trade in 2016. At the same time, the number of forex brokers in Singapore increased, with the new arrivals attracting one in seven trades.

 

According to Michael Go, head of forex market development for Asia Pacific at Thomson Reuters, quoted by Euromoney, the main driver for future growth will be within the corporate space as incentives grow and regional treasury centers start to set up hubs in Singapore.

 

“FX growth in Singapore will be further strengthened if it continues to support the Asian headquarters for mega banks, global institutional investors and multinational companies, as well as the leading private wealth management firms in Asia”, he said.

 

At the same time, the retail leaders at the Singapore market are still the major global players like PhillipCapital, but IG, CMC Markets and Oanda are closing in, shows the report.

 

There are also a growing number of local players, among which are UOBBF, OCBC Securities, KGI, Maybank, UOB Kay Hian, Haitong, etc.

 

As per the local regulations, all forex brokers, 14 as of the beginning of 2017, must have a license from the Monetary Authority of Singapore.

 

 

TAGS: singapore 

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