Electronic FX trading in Asia may switch to multi-dealer platforms
The Asian FX derivatives business is expanding rapidly, driven by increased participation from financial institutions and hedge funds. While single-dealer platforms have increased market share over the past few years, incoming regulation could force FX derivatives trading onto multi-dealer platforms.
Asia-Pacific is now the second-most active region for overall foreign exchange (forex) turnover with $1.2 trillion of daily turnover, of which $740 billion are forward instruments, including non-deliverable forwards (NDFs), according to the Bank for International Settlements’ (BIS) Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity, published in December 2010. Meanwhile, the emergence of renminbi trading in Hong Kong has helped the city to account for 5% of global
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