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Eeveryone living in America today has a higher standard of living than the President and his family had 90 years ago. This was the first time global currency trading volumes dropped since , a further sign that banks and hedge funds have cut their international activities as tighter regulations and higher risk-aversion begin to bite, the WSJ reported.
The drop happened in the spot market, where investors buy and sell currencies outright: While a part of the fall was due to the rise in value of the U.
In global currency markets, this reverses the trend of the last decade and a half. Until three years ago, electronic platforms and algorithmic trading had slashed costs and allowed smaller lenders, asset managers and hedge funds to overtake the traditional dominance of large international banks. Furthermore, with central banks increasingly encroaching on FX trading, leading to such bursts of volatility as the Swiss Franc reval and the Yuan devaluation of , traders are increasingly leery of being stopped out by some irrational central planner.
According to the WSJ, smaller banks were especially active in reducing their exposure to foreign currencies, BIS figures suggest, adding to the evidence that many lenders have cut back on their cross-border exposure after the financial crisis, due to stricter regulation and international borrowers being hampered by a fall in commodity prices. The shrinkage in the share of FX trading by these investors is likely the result of regulatory pressures and FX rigging investigations which caused significant retrenchment by FX prop desks.
JPM adds that less trading by prop desks and hedge funds reduced one important source of market liquidity and is likely behind the decline in FX market depth over the past three years. On the other hand, global banks may be reaping the rewards of their role as key middle-men in foreign exchange swaps, a market which is bigger than the spot one and keeps growing in importance.
The rise was driven in large part by increased trading of swaps involving the Japanese yen, a testament of how Japanese investors have scrambled to escape punishingly-negative yields in their country by flocking into foreign assets and then striping out the currency risk.
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Additionally, the BIS broke down the most dominant currencies in the following chart, where as expected the dollar remained supreme. The dollar's gain has been other DM currencies' loss: In particular, the market share of the common currency has been on a tailspin: Alternatively, the currencies of developing nations have been on the rise over the last three years and as of the latest survey, the Chinese renminbi is now the most actively-traded emerging-market currency.
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Here's our Cookie Policy. How to report offensive comments. Home Contributors Newsletter Donate More Store ZH-TShirt Glossary Archive Manifesto RSS. INTRoDuCiNG ReBu, THe WORLD'S FiRST RoBoT CeO Sep 6, 8: Some other highlights via JPM: The shrinkage in the share of FX trading by fast money investors is likely the result of regulatory pressures and FX rigging investigations which caused significant retrenchment by FX prop desks. At the same time, unexpected events such as the SNB abandoning its currency ceiling and the inability of hedge funds to benefit enough from the big FX themes of the past three years likely caused retrenchment in the FX activity by hedge funds.
In all, less trading by prop desks and hedge funds reduced one important source of market liquidity and is likely behind the decline in FX market depth over the past three years. What about other markets?
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With the exception of corporate bonds, the picture is similar in other markets, i. But this decline masks a shift towards futures trading. The value of trading in Oil and Gold futures peaked in also. In contrast to the dollar value of trading in equities, government bonds and commodities, the dollar value of corporate bond trading continues to reach new highs.
Admittedly this rise in the value of corporate bond trading has been taking place amid declining turnover, i. This suggests that market liquidity challenges remain in corporate bond markets given their overreliance on primary market issuance.
Equity market trading is instead far less reliant on primary issuance. But despite this, the value of secondary trading in equities has been little changed. China Japan Primary Market Swiss Franc Volatility Algorithmic Trading Sovereign Debt Monetary Policy Yen Central Banks Bond Yuan Market Share Copper Renminbi BIS. Printer-friendly version Sep 6, 8: Comment viewing options Flat list - collapsed Flat list - expanded Threaded list - collapsed Threaded list - expanded.
Date - newest first Date - oldest first. Select your preferred way to display the comments and click "Save settings" to activate your changes. The Iconoclast Sep 6, 8: BabaLooey Sep 6, 9: Check the number of US flagged FX firms now. As opposed to the number even 5 years ago. King Tut not verified BabaLooey Sep 6, 9: Create new account Request new password.
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