According to the triennial BIS survey, in April 2004 an average of $1.9 trillion was traded every day in the global FX market. This was an increase of 36% since the last survey in 2001. The FX market is in rude health at the moment due to a number of key changes that have spurred its growth.
Perhaps the biggest change has been the development of the CLS system, which for the last two years has effectively taken settlement risk out of the picture for those banks and counterparties that use it. According to Rob Close, deputy CEO of CLS, nearly half the world's daily spot trading now goes through...
