Or to put it another way, the vast majority of foreign exchange trading was supporting market speculation, not genuine wealth-creating activity by businesses.
FXMarketSpace, is a centrally-cleared OTC foreign exchange trading platform which Reuters says takes advantage of the 16% annual growth rate of the forex trading market.
But today the volume of foreign exchange trading is staggering.
Rates and currencies revenues also declined, as growth in local markets, which primarily includes rates and foreign exchange trading in emerging markets, was more than offset by lower G10 trading revenues.
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Rates and Currencies revenues also declined, as growth in Local Markets, which includes rates and foreign exchange trading primarily in emerging markets, was more than offset by lower G10 Rates trading revenues.
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If you take the increase in foreign exchange trading as a proxy for the growth in financial trading, that rose 234 times from 1977 to the crash - whereas global nominal GDP increased (a perfectly respectable) seven times.
The improved trading environment has coincided with a surge in foreign-exchange trading volumes after a marked slowdown toward the end of 2012.
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The index is proportionally weighted based on foreign-exchange trading volume data from the Bank for International Settlements' triennial central-bank survey on global foreign-exchange market activity.
In what foreign-exchange trading there was, currencies rose a little against the dollar, but on very small volumes.
It is to be based in New York, with its chief servicing offshoot in London, the biggest foreign-exchange trading centre.
Areas such as interest-rate swaps and foreign-exchange trading incur large fixed costs.
State Street fell 6.4% after the company's second-quarter earnings fell 4.5% on lower foreign-exchange trading revenue and lower fees from its investment management business.
"We're getting back to an environment where investors can trade on fundamentals rather than rhetoric, " said Nigel Khakoo, co-head of foreign-exchange trading in Europe at Nomura in London.
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In theory, the executive committee's task was to run all the group's investment-banking businesses--equities and corporate finance in London, which are Kleinwort's specialities, and bond and foreign-exchange trading, most of which is done by Dresdner in Frankfurt.
For example, the "Big Bang" financial deregulations include liberalizing foreign-exchange transactions, lowering securities trading costs and opening securities underwriting and investment-trust management to new players.
On the other hand, some of Bank Austria's returns have come from such volatile areas as investments in hedge funds and trading cash, foreign exchange and derivatives for the bank's own account.
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Soft dollar and proprietary trading, securities lending, foreign exchange and custody arrangements are additional issues in need of review.
That is not to say that risk-off trading will not continue to dominate foreign exchange, but can the EUR fully recover from here?
We sifted through the performance figures of foreign-country exchange-traded funds with significant assets that have been trading for at least 15 years.
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Last year Paulson commanded the heads of Goldman's trading divisions--equities, fixed income, foreign exchange and others--to transform their businesses technologically, even if it disrupted existing franchises.
Every three years, when the BIS releases its new foreign-exchange market survey, the WSJ Dollar Index will be reweighted using the bank's latest trading volume figures, making it a dynamic index that evolves with the constantly changing market.
The markets that do the sort of high volume, low margin trades that would be affected by an FTT are the foreign exchange (FX), futures, options and stock markets (with special reference to high frequency trading of the often demonised computer algorithm type).
Trading expert Justin Urquhart Stewart, director of Seven Investment Management says betting on movements in foreign exchange rates is notoriously volatile.
Dickinson worked as a foreign exchange broker in London during the 1980s and later joined a Chelmsford-based consortium of investors, initially trading with his own money.
Thursday's trading appeared to continue a pattern of unusual moves over the past week between the stock and foreign-exchange markets, where a fall in Japanese share prices seemed to be driving down the value of the dollar against the yen.
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