Greeenwich Reports Global Surge In Electronic Foreign Exchange Uptake
The internet has become a more popular tool for executing foreign exchange trades among top-tier users in 2001, according to new research from treasury consultants Greenwich, regaining some of the adoption momentum it appeared to lose the year before. Just under a quarter of all top-tier corporate, financial, and governmental institution treasury officials traded online in 2001, 24%, up from 15% in 2000. Among treasurers doing US$10 billion or more a year, 38% electronically trade foreign exchange these days – double the percentage that did so last year. Meanwhile, the proportion of institutions doing less than $1 billion a year who trade electronically has also risen sharply – to 15%. Total FX volume traded electronically by top-tier institutions more than doubled in 2001, from $857 billion to $1.8 trillion, a reflection of this widespread uptake across the market. On average, foreign exchange users trading electronically did the same percentage of their total volume through online means in 2001 as in 2001, just over 20%.