Singapore vies for Asian FX crown
Should Asia's FX traders be keeping an eye on the job opportunities on offer in Singapore?
With daily volume increasing by about 53 per cent in the past two years, Bloomberg says the city-state may soon overtake Tokyo as the world's third-largest currency trading centre after London and New York.
The hedge fund industry also looks decidedly healthy, with Singapore's central bank claiming there are now over 100 hedge funds in the country overseeing about $10 bn in total assets.
"In the hedge funds, private equity, venture funds area, we again are seeing very healthy growth that is coming into Singapore," Heng Swee Keat, managing director of Singapore's central bank tells Bloomberg.
"Financial institutions find it very easy to operate in Singapore," says Heng. "We are now having a critical mass of financial institutions, a critical mass of talent in Singapore, and that creates a certain buzz that allows for even more activities to take place."
Bloomberg says Singapore's $118 billion economy grew by 6.4% in 2005, and the financial services account for about 10% of gross domestic product. Financial services in Singapore grew 9.5% in the second quarter from a year earlier, after gaining 8.7% in the previous three-month period.