Singapore’s currency-trading volumes averaged $361.5 billion a day in April, a 14 percent increase from October, a survey by the Singapore Foreign Exchange Market Committee showed. Traditional spot trading, outright forwards and foreign- exchange swaps averaged $314.2 billion per day, compared with $278.4 billion in October, according to the survey released today. Total volumes rose 32 percent. Daily turnover of derivatives, comprising currency swaps and options, increased 20 percent to $47.2 billion from October, although declining 0.1 percent from April 2010, the survey showed. Singapore’s gross domestic product increased 9.3 percent in the first quarter from a year earlier, according to government statistics, following a 14.5 percent annual expansion in 2010. The semi-annual survey is based on data compiled from the trading desks of 30 financial institutions and supported by the Monetary Authority of Singapore. Banks in the city-state accounted for 5 percent of the global $4 trillion-a-day foreign-exchange market in April 2010, according to a triennial survey published in December by the Bank for International Settlements. Only the U.K, U.S. and Japan had larger shares. To contact the reporters on this story: David Yong in Singapore at dyong@bloomberg.net. To contact the editor responsible for this story: James Regan at at jregan16@bloomberg.net.

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