Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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


© Scoop Media

Business Headlines | Sci-Tech Headlines


First Union On Mill Plans: Bitter Blow For Gisborne Workers

Up to 100 Gisborne jobs could go as JNL, the wood processing company, begins consulting on a proposal to nearly halve its workforce at its Gisborne mill. More>>


Employment:Slow Track For Most Contentious Labour Law

The government will announce a timetable for legislating a range of long-signalled labour law changes but is placing its intention to introduce new Fair Pay Agreement legislation on a slower track to allow consultation with both employers and trade unions. More>>


NZ's Space Programme: Rocket Lab's Successful Launch

Science Media Centre: Rocket Lab successfully launched its Electron rocket and deployed satellites into orbit Sunday afternoon, a milestone for the company and New Zealand's fledgling private space industry. More>>


BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>


StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>


Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>