Trading volumes in the world’s foreign exchange markets rose markedly in the year to March 2004 as speculators, particularly hedge funds, became more active in the market place, according to the Bank for International Settlements.
"The volume of trading generally rose sharply, continuing a trend that had started in early 2001. This was reportedly driven to a large extent by the greater activity of the leveraged investor community," the BIS said in its annual report.
The Basle-based institution is due to release statistical evidence of this later in the year, although it is widely believed that volumes are likely to have continued their three year upward trend since contracting by nearly one fifth in 2001.
Featuring heavily in the increased activity in the forex markets were macro hedge funds, momentum players, institutional investors and corporate treasurers, the bank’s report stated. The rise in turnover was also most pronounced in the euro/dollar market, it added.
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