Triennial foreign exchange and derivatives survey in 2004
28/09/2004 - Press Releases
In April 2004, 52 central banks and monetary authorities
(among them the Bank of Greece) participated in the above mentioned survey under
the co-ordination of the Bank for International Settlements (BIS).
According to the results of this survey it is noted that the
traditional foreign exchange market activity in Greece declined substantially
between 2001 and 2004. However, the results of the April 2004 should be put in
the context of the financial environment and the geopolitical developments
prevailing in 2004. In particular:
The growing role of electronic broking in the spot interbank
market, the consolidation in the non-financial sector, as well as the increased
intra-eurozone trading seems to have been the main factors explaining this fall
in the FX market turnover.
In contrast, over the same period, there has been a
significant increase in the use of derivative products in the last three years
due to the introduction of euro as well as for hedging of trading risks.
The average daily turnover on traditional foreign exchange
activity in April 2004 was $ 4,223 million compared to $ 4,921 million in
the same month of 2001.
- Spot daily turnover in April 2004 was $ 994 million
compared to $ 1,993 million in April 2001
- Outright Forward totaled $ 29 million compared to $ 283
- Foreign Exchange Swaps totaled $ 3,200 million compared to
$ 2,645 million
On the other hand, the average daily turnover on OTC
derivatives market activity was $ 228,90 million in April 2004 compared to $
37,31 million in April 2001.
- FX OTC Options was $ 54,65 million compared to $ 5,63
- FRAs and IR Swaps totaled $ 134,10 million compared to $
28,26 million and
- IR Options totaled $ 40,15 million compared to $ 3,42
Today, participating central banks and monetary authorities
are publishing their national results while the BIS is publishing preliminary