18 Facts, Figures And Statistics About Forex
For anyone who has looked into savings or investments of any kind
, it is likely that they will have come across the foreign exchange market. In operation for several decades, forex is becoming increasingly popular and these 18 points provide a little insight into this lucrative section of the larger financial industry.
1. Retail forex, which is the mass public version of the market, has only been around since 1996
2. There were only around a dozen brokers offering retail forex when the industry first began, all of which are no longer around in their original state (if at all)
3. What is now known as the first wave of retail forex lasted until early into the new millennium, when new platforms and brokers entered the market, leading us into the second wave
4. There is a third wave of this type of forex trading currently in the process of being introduced and implemented across the board, although many second wave brokers and platforms are still used
5. The overall daily turnover of the entire foreign exchange market, as estimated by the Bank for International Settlements further to a survey in December 2007, was a staggering 3.98 trillion US dollars
6. Of this figure, a mere 5 percent was turned over by the retail section (according to statistics from the same survey)
7. Whilst there are several different trading platforms available to use, the most popular is Metatrader 4, considered by many to be the industry standard
8. Metatrader 4 is created by MetaQuotes Software and has been developed to suit various different technologies, most recently including mobile phones
9. The currency that is traded the most on the market is the US dollar, which in April 2007 accounted for a massive 86.3 percent of the daily share
10. The Euro and Japanese Yen came in second and third place, with 37 percent and 17 percent respectively
11. These top three currencies accounted for over a third of the most traded spot products, with EUR/USD at 27 percent and USD/JPY at 13 percent
12. The US dollar also came in third with 12 percent, when bought and sold with the Great British Pound
13. There are five important trading centres around the world. London is the primary one, with Hong Kong, New York, Tokyo and Singapore all playing important roles
14. Euromoney FX found in May 2009 that Deutsche Bank traded the most on a daily basis, with a 20.96 percent market share
15. In the same survey, 3 English banks ranked in the top 10; Barclays Capital, Royal Bank of Scotland and HSBC
16. There were also 3 American companies in the top 10; Citi, JP Morgan and Goldman Sachs
17. The remaining 3 companies were UBS AG and Credit Suisse (both Swiss financial services companies) and BNP Paribas, the French global banking group
18. There are 7 currencies that are said to be the most traded. These are the Australian dollar, Canadian dollar, Swiss Franc, Euro, Great British Pound, Japanese Yen and US dollar.
by: Jeremy Watts
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