BIS figures reflect tectonic shifts in market structure
Decline of headline figures in the survey pose questions over how much the market has changed in three years
The reduction in volumes in foreign exchange markets is a symptom of structural shifts in the industry, which has faced unprecedented headwinds in the three-year period leading up to the publication of the latest triennial survey from the Bank for International Settlements (BIS), market participants say.
The survey, published on September 1, shows a reduction in FX market activity for the first time since 2001, with average daily flows of $5.1 trillion, compared with $5.4 trillion in 2013. This
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