When last year's Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity report was published by the Bank for International Settlement (BIS), the focus was largely on the fact that daily average turnover had increased by 20% to $4000bn, driven by a 48% growth in spot transactions.
The other notable trend was the growing role of what the BIS classifies as "other financial institutions". The category, which includes non-reporting banks, hedge funds, pension funds, mutual funds, insurance companies and central banks, among others, accounted for 85% of growth.
