Top 10 currency traders

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Top 10 currency traders

RankNameMarket share
1Germany Deutsche Bank14.57%
2United States Citi12.26%
3United Kingdom Barclays Investment Bank10.95%
4Switzerland UBS AG10.48%
5United Kingdom HSBC6.72%
6United States JPMorgan6.6%
7United Kingdom Royal Bank of Scotland5.86%
8Switzerland Credit Suisse4.68%
9United States Morgan Stanley3.52%
10United States Goldman Sachs3.12%
Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004. The increase in turnover is due to a number of factors: the growing importance of foreign exchange as an asset class, the increased trading activity of high-frequency traders, and the emergence of retail investors as an important market segment. The growth of electronic execution and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market. By 2010, retail trading is estimated to account for up to 10% of spot turnover, or $150 billion per day (see retail foreign exchange platform).
Foreign exchange is an over-the-counter market where brokers/dealers negotiate directly with one another, so there is no central exchange or clearing house. The biggest geographic trading center is the United Kingdom, primarily London, which according to The City UK estimates has increased its share of global turnover in traditional transactions from 34.6% in April 2007 to 36.7% in April 2010. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day.

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