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Foreign exchange and derivatives turnover survey

Foreign exchange and derivatives turnover survey

New Zealand’s foreign exchange market handled an average of US$13 billion per day in April 2007 (relative to US$7.5 and US$4.2 billion per day in April 2004 and April 2001 respectively), according to a Reserve Bank survey released today.

These results are part of a triennial survey of 54 central banks and monetary authorities co-ordinated by the Bank for International Settlements (BIS) and reported in US dollars. In New Zealand the survey captures the activity of the four major banks participating in the local wholesale financial markets.

Commenting on the survey, Deputy Governor Grant Spencer said “Since 2004, foreign exchange turnover in New Zealand has increased by almost 75%. About 15% of this increase is due to a rise in the New Zealand dollar, with the remainder due to growth in transaction volume. International data show a 71% increase in global foreign exchange turnover (including spot transactions, outright forwards and foreign exchange swaps).

“The increase in foreign exchange derivatives turnover (cross-currency swaps and foreign exchange options) in New Zealand was particularly strong, with a 330% rise in turnover since 2004.”

The survey also covers interest rate derivative products, such as forward rate agreements and interest rate swaps. Average daily turnover in these products was US$2.9 billion – a 60% increase since 2004.

This press statement follows similar releases from the BIS and other central banks at 1500 GMT earlier today. More details of the results are contained in the attached information note. The BIS preliminary global report can be found at www.bis.org/press/p070925.htm.

ENDS

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