TONI VOROBYOVA
Reuters
September 25, 2007 at 11:31 AM EDT
LONDON — Trade on global currency markets has jumped a record 71 per cent over the past three years and is now worth more than $3.2-trillion (U.S.) a day — roughly equal to the entire annual economic output of the world's third largest economy, Germany.
Daily turnover has soared from $1.9-trillion in 2004, partly due to greater activity by hedge funds and “black box” computer trading, the Bank for International Settlements said on Tuesday in a benchmark survey which it conducts every three years.
Currency trading rose in Canada, but not nearly as much as elsewhere. Volumes rose 11 per cent to $59.8-billion a day -- the lowest growth rate since the survey began in 1983. Almost all Canadian transactions had the U.S. dollar on one side.
The survey underlined London's leadership in the world of currency trading, which is hard to measure as most business is conducted by telephone or on electronic systems rather than....
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