Tokyo Foreign Exchange Market Committee July 27, 2009

Results of Turnover Survey of Tokyo FX Market Tokyo Foreign Exchange Market Committee (TFEMC) today released the results of its Turnover Survey of Tokyo FX Market (Tokyo FX Survey). This is the fourth annual survey covering foreign exchange transactions in the Tokyo market in April 2009. The failure of Lehman Brothers in September 2008 accelerated the deterioration in financial market conditions, leading to a global financial crisis. This has had a significant impact on the Tokyo foreign exchange market. The TFEMC conducted this survey in order to provide the updated picture of the Tokyo foreign exchange market on both accurate and timely manner for the better understanding of recent trends by market participants; thereby contributing to sound growth of the market. The TFEMC will continue Tokyo FX Survey in the future on an annual basis. To achieve a representative survey, the TFEMC invited 21 leading financial institutions active in the Tokyo foreign exchange market (as listed below). In conducting this survey, Financial Markets Department of the Bank of Japan provided technical assistances in collecting and processing the data of respective respondents. Chairperson Tokyo Foreign Exchange Market Committee Akira Hoshino, Mr. (Global Markets Unit, Bank of Tokyo-Mitsubishi UFJ) Phone: 81-3-6268-1160 E- mail: [email protected] Vice Chairperson Tokyo Foreign Exchange Market Committee Hokuto Nakano, Mr. (Forex Division, Mizuho Corporate Bank) Phone: 81-3-3201-5602 E- mail: [email protected] Secretary Tokyo Foreign Exchange Market Committee Keiichi Miyata, Mr. (Financial Markets Department, Bank of Japan) Phone: 81-3-3277-3543 E- mail: [email protected]

Tokyo Foreign Exchange Market Committee While the data released here is similar in nature to that collected by the BIS Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activities (BIS Survey), they are not directly comparable with each other due to differences in the reporting methodology. The basis of reporting for Tokyo FX Survey is the location of the price-setting dealer. However, for the 2007 BIS Survey, basis of reporting was the location of the sales desk of the trade. Similar surveys have been conducted for major international trading centers by respective regional foreign exchange committees, and their most recent results are released.

Reporting Financial Institutions Bank of America, N.A. The Bank of Tokyo-Mitsubishi UFJ, Ltd. Barclays Bank PLC, Tokyo Branch BNP Paribas Bank, Tokyo Branch Calyon The Chuo Mitsui Trust and Banking Co. Ltd. Citibank Japan Ltd. Deutsche Securities Inc. Goldman Sachs (Japan) Ltd. JPMorgan Chase Bank, N.A. Merrill Lynch Japan Securities Co., Ltd. Mitsubishi UFJ Trust and Banking Corporation Mizuho Bank, Ltd. Mizuho Corporate Bank, Ltd. Nomura Securities Co., Ltd. The Royal Bank of Scotland, Tokyo Branch Societe General, Tokyo Branch State Street Bank and Trust Company, Tokyo Branch Sumitomo Mitsui Bank ing Corporation The Sumitomo Trust & Banking Co., Ltd. UBS AG, Tokyo Branch ***

＜Table 1＞ Aggregate Turnover (Daily averages in hundred millions of USD) (Figures in parentheses represent percentage of total）

April, 2009

April, 2006

April, 2007

April, 2008

660

933

1,053

702

＜ 32.8 ＞

＜ 38.8 ＞

＜ 34.8 ＞

＜ 27.6 ＞

1,008

1,159

1,596

1,589

＜ 50.0 ＞

＜ 48.2 ＞

＜ 52.8 ＞

＜ 62.5 ＞

273

220

284

192

＜ 13.5 ＞

＜ 9.2 ＞

＜ 9.4 ＞

＜ 7.5 ＞

75

91

91

58

＜ 3.7 ＞

＜ 3.8 ＞

＜ 3.0 ＞

＜ 2.3 ＞

2,016

2,403

3,025

2,542

Changes Spot FX Swap Forwards FX Option Total

▲33.3 ▲ 0.5 ▲32.4 ▲35.8 ▲16.0

＜Table 2＞ Breakdown of Transactions by Type of Counterparty (Daily averages in hundred millions of USD) (Figures in parentheses represent percentage of total of each category）

April, 2009

April, 2006

April, 2007

April, 2008

1,461

1,950

2,380

2,057

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

495

811

791

511

＜ 33.9 ＞

＜ 41.6 ＞

＜ 33.2 ＞

＜ 24.8 ＞

842

958

1,439

1,455

＜ 57.7 ＞

＜ 49.1 ＞

＜ 60.5 ＞

＜ 70.7 ＞

71

110

80

49

＜ 4.9 ＞

＜ 5.6 ＞

＜ 3.4 ＞

＜ 2.4 ＞

Changes Inter-dealer Transactions (*1) Spot FX Swap Forwards FX Option Customer Transactions (*2) Spot FX Swap Forwards FX Option

53

71

71

43

＜ 3.6 ＞

＜ 3.7 ＞

＜ 3.0 ＞

＜ 2.1 ＞

555

454

644

485

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

166

121

263

191

＜ 29.8 ＞

＜ 26.8 ＞

＜ 40.8 ＞

＜ 39.4 ＞

165

201

157

135

＜ 29.8 ＞

＜ 44.4 ＞

＜ 24.4 ＞

＜ 27.8 ＞

202

110

203

143

＜ 36.4 ＞

＜ 24.4 ＞

＜ 31.6 ＞

＜ 29.5 ＞

22

20

21

16

＜ 4.0 ＞

＜ 4.4 ＞

＜ 3.2 ＞

＜ 3.3 ＞

▲13.6 ▲35.3 ＋ 1.1 ▲39.3 ▲39.7 ▲24.7 ▲27.2 ▲14.5 ▲29.7 ▲22.5

*1 "Inter-dealer Transactions" denote transactions between interbank dealers. Interbank dealers refers to financial institutions which are participating in interbank market and are treated as such by the respondent. *2 "Customer Transactions" denote transactions other than "Inter-dealer Transactions".

＜Table 3＞ Breakdown of Transactions by Location of Counterparty (Daily averages in hundred millions of USD) (Figures in parentheses represent percentage of total of each category）

April, 2006

April, 2007

April, 2008

740 ＜ 100.0 ＞ 206 ＜ 27.8 ＞ 315 ＜ 42.6 ＞ 197 ＜ 26.6 ＞ 22 ＜ 3.0 ＞ 1,276 ＜ 100.0 ＞ 455 ＜ 35.6 ＞ 692 ＜ 54.2 ＞ 76 ＜ 6.0 ＞ 53 ＜ 4.1 ＞

732 ＜ 100.0 ＞ 201 ＜ 27.5 ＞ 386 ＜ 52.7 ＞ 115 ＜ 15.7 ＞ 30 ＜ 4.1 ＞ 1,671 ＜ 100.0 ＞ 732 ＜ 43.8 ＞ 773 ＜ 46.3 ＞ 105 ＜ 6.3 ＞ 61 ＜ 3.7 ＞

866 ＜ 100.0 ＞ 345 ＜ 39.9 ＞ 290 ＜ 33.5 ＞ 198 ＜ 22.9 ＞ 33 ＜ 3.8 ＞ 2,159 ＜ 100.0 ＞ 708 ＜ 32.8 ＞ 1,307 ＜ 60.5 ＞ 86 ＜ 4.0 ＞ 58 ＜ 2.7 ＞

April, 2009 Changes

Local Transactions (*) Spot FX Swap Forwards FX Option Cross-border Transactions (*) Spot FX Swap Forwards FX Option

699 ＜ 100.0 ＞ 242 ＜ 34.7 ＞ 292 ＜ 41.8 ＞ 147 ＜ 21.0 ＞ 18 ＜ 2.5 ＞ 1,843 ＜ 100.0 ＞ 460 ＜ 25.0 ＞ 1,297 ＜ 70.4 ＞ 45 ＜ 2.4 ＞ 41 ＜ 2.2 ＞

▲19.2 ▲29.7 ＋ 0.7 ▲25.7 ▲45.9 ▲14.6 ▲35.1 ▲ 0.7 ▲47.8 ▲30.2

* "Local Transactions" denote transactions denote transactions between reporting financial institutions and residents. "Cross-border Transactions" denote transactions with non-residents.

＜Table 4＞ Breakdown of Transaction by Currency Pair (Daily averages in hundred millions of USD) (Figures in parentheses represent percentage of total of each pair）

Against JPY USD Spot

384 ＜24.3＞

FX Swap

1,048 ＜66.3＞

Forwards

105 ＜6.6＞

FX Option

43 ＜2.7＞

Total

1,581

Changes ▲30.2 ＋19.3 ▲24.8 ▲26.5 ▲ 2.9

EUR 81 ＜48.0＞ 37 ＜21.7＞ 46 ＜27.1＞ 5 ＜3.2＞ 168

Changes ▲11.9 ＋15.2 ＋ 7.4 ▲42.8 ▲ 4.0

Against USD Others 52 ＜43.8＞ 42 ＜34.8＞ 23 ＜19.2＞ 3 ＜2.1＞ 119

* USD: US dollar, EUR: Euro, GBP: Pound sterling, AUD: Australian dollar

Changes ▲51.7 ＋19.5 ▲54.2 ▲43.4 ▲39.6

EUR 95 ＜39.9＞ 135 ＜56.4＞ 5 ＜1.9＞ 4 ＜1.8＞ 240

Changes ▲29.7 ▲18.9 ▲54.4 ＋30.6 ▲24.2

GBP 18 ＜32.2＞ 36 ＜64.3＞ 1 ＜1.7＞ 1 ＜1.8＞ 56

Changes ▲55.1 ▲51.7 ▲45.9 ＋115.4 ▲52.1

AUD 23 ＜12.1＞ 161 ＜85.1＞ 5 ＜2.5＞ 0 ＜0.2＞ 189

Total

Other Pairs Changes ▲18.2 ▲15.4 ＋29.9 ▲66.5 ▲15.3

Others 23 ＜16.2＞ 110 ＜79.1＞ 6 ＜4.5＞ 0 ＜0.2＞ 139

Changes ▲62.6 ▲40.4 ▲80.8 ▲98.3 ▲52.0

Changes 26 ＜52.3＞ 20 ＜41.3＞ 1 ＜3.0＞ 2 ＜3.4＞ 49

▲31.9 ▲41.4 ▲54.2 ＋34.9 ▲36.0

Changes 702 ＜27.6＞ 1,589 ＜62.5＞ 192 ＜7.5＞ 58 ＜2.3＞ 2,542

▲33.3 ▲ 0.5 ▲32.4 ▲35.8 ▲16.0

＜Table 5＞ Breakdown of Transactions by Methods of Execution (Daily averages in hundred millions of USD) (Figures in parentheses represent percentage of total of each category ）

April, 2006

April, 2007

April, 2009

April, 2008

Changes Inter-dealer Transactions Voice Broker Electronic Broking Systems (EBS, Reuters Matching) Electronic Trading Systems (*) Residual （Interbank Direct by Telephone or Reuters Conversation) Customer Transactions Electronic Trading Systems (*) Residual （by Telephone)

1,461

1,950

2,380

2,057

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

339

449

589

636

＜ 23.2 ＞

＜ 23.0 ＞

＜ 24.7 ＞

＜ 30.9 ＞

280

332

394

338

＜ 19.2 ＞

＜ 17.0 ＞

＜ 16.6 ＞

＜ 16.4 ＞

34

409

379

224

＜ 2.3 ＞

＜ 21.0 ＞

＜ 15.9 ＞

＜ 10.9 ＞

808

760

1,019

859

＜ 55.3 ＞

＜ 39.0 ＞

＜ 42.8 ＞

＜ 41.7 ＞

555

454

644

485

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

＜ 100.0 ＞

95

140

226

129

＜ 17.1 ＞

＜ 30.9 ＞

＜ 35.1 ＞

＜ 26.6 ＞

460

313

418

356

＜ 82.9 ＞

＜ 69.1 ＞

＜ 64.9 ＞

＜ 73.4 ＞

* Electronic Trading System refers to single-bank and multi-bank trading platforms of e-commerce (e.g.. FXAｌl, FXConnect、Currenex）.

▲13.6 ＋ 8.1

▲14.2

▲40.9

▲15.7

▲24.7 ▲43.0 ▲14.9

＜Table 6＞ Transactions of Asian and Other Emerging Currencies (Daily averages in hundred millions of USD)

April, 2009 Spot

HKD 5.2

SGD 2.9

TWD 0.4

KRW 0.8

THB 0.5

IDR 0.0

INR 0.1

MYR 0.1

PHP 0.0

CNY 0.1

BRL 0.2

RUB 0.1

ZAR 3.8

FX Swap

35.2

14.1

0.0

0.0

3.6

0.1

0.0

0.0

0.0

0.0

0.0

0.0

8.9

Forwards

0.5

0.4

0.3

1.9

0.2

0.1

0.2

0.2

0.1

0.8

0.2

0.0

0.8

0.0

0.0

0.3

1.7

0.0

0.1

0.1

0.2

0.1

0.8

0.1

0.0

0.0

40.9

17.5

0.7

2.6

4.3

0.2

0.2

0.3

0.2

0.9

0.4

0.2

13.4

of which NDF Total

* HKD: Hong Kong dollar, SGD: Singapore dollar, TWD: new Taiwan dollar, KRW: Korean won, THB: Thai baht, IDR: Indonesian rupiah, INR: Indian rupee, MYR: Malaysian ringgit, PHP: Philippine peso, CNY: Chinese yuan, BRL: Brazilian real, RUB: Russian ruble, ZAR: South African rand

＜Table 7＞Foreign Exchange Volume Market Share （Percentage, Percentage Pts.）

Spot Changes FX Swap Changes Forwards Changes FX Option Changes Total Changes （Type of Counterparty）

Inter-dealer Transactions Changes Customer Transactions Changes （Currency Pair）

Against JPY (Total) Changes Against JPY (USD) Changes

First Quartile Second Quartile Third Quartile （5 Institutions） （5 Institutions） （5 Institutions） 65.1 27.1 5.2 (▲ 0.6) (＋ 0.8) (▲ 0.8) 68.6 22.3 6.9 (＋ 4.7) (▲ 2.3) (▲ 3.7) 63.5 20.9 10.5 (＋ 4.1) (▲ 9.3) (＋ 2.4) 72.4 23.3 4.3 (▲ 2.4) (＋ 2.6) (＋ 0.1) 63.5 25.8 7.3 (＋ 4.7) (▲ 2.8) (▲ 3.1)

Last Quartile （6 Institutions） 2.7 (＋ 0.6) 2.2 (＋ 1.3) 5.1 (＋ 2.7) 0.0 (▲ 0.3) 3.4 (＋ 1.2)

（Percentage, Percentage Pts.）

First Quartile Second Quartile Third Quartile Last Quartile （5 Institutions） （5 Institutions） （5 Institutions） （6 Institutions） 67.2 22.7 6.9 3.1 (＋ 5.0) (▲ 3.0) (▲ 3.3) (＋ 1.2) 60.4 29.0 7.2 3.4 (▲ 0.8) (▲ 1.8) (＋ 0.9) (＋ 1.8) （Percentage, Percentage Pts.）

First Quartile Second Quartile Third Quartile Last Quartile （5 Institutions） （5 Institutions） （5 Institutions） （6 Institutions） 64.6 23.0 8.2 4.1 (＋ 7.3) (▲ 6.9) (▲ 1.8) (＋ 1.4) 68.8 21.0 7.4 2.8 (＋ 10.5) (▲ 7.7) (▲ 3.0) (＋ 0.2)

(ANNEX) Aggregated Reported Turnover in April 2009 ＜Table 1＞ Turnover by Instrument, Counterparty and Currency （In millions of USD）

USD Spot Transaction With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border Total Foreign Exchange Swaps With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border ＜Maturities＞ Seven Days or Less Over Seven Days and up to One Year Over One Year Total Outright Forwards With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border ＜Maturities＞ Seven Days or Less Over Seven Days and up to One Year Over One Year Total OTC Options With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border ＜Maturities＞ Seven Days or Less Over Seven Days and up to One Year Over One Year Total

JPY against EUR

Other

EUR

USD against GBP AUD

Other

Residual

Grand Total

610,878 119,519 491,359 196,272 166,552 29,720 807,150

112,675 30,320 82,355 57,083 48,381 8,702 169,758

60,289 20,802 39,487 49,515 40,978 8,537 109,804

151,974 31,030 120,944 48,541 18,869 29,672 200,515

29,819 3,991 25,828 8,337 1,549 6,788 38,156

26,087 3,303 22,784 22,086 15,190 6,896 48,173

35,770 1,677 34,093 11,801 4,764 7,037 47,571

45,939 1,298 44,641 7,915 824 7,091 53,854

1,073,431 211,940 861,491 401,550 297,107 104,443 1,474,981

2,042,845 373,586 1,669,259 158,293 80,070 78,223 2,201,138 1,800,042 388,480 12,616 2,201,138

44,992 9,811 35,181 31,734 30,806 928 76,726 23,501 52,421 804 76,726

42,342 23,277 19,065 44,944 41,650 3,294 87,284 72,598 13,602 1,084 87,286

268,957 23,213 245,744 14,995 5,328 9,667 283,951 220,256 63,143 552 283,952

69,041 1,922 67,119 7,195 636 6,559 76,236 62,649 13,517 70 76,236

325,910 7,085 318,825 11,926 713 11,213 337,838 328,088 9,536 214 337,836

220,292 9,508 210,784 11,403 2,776 8,627 231,697 215,101 16,555 41 231,695

40,318 2,451 37,867 2,182 215 1,967 42,500 40,844 1,656 0 42,500

3,054,697 450,853 2,603,844 282,672 162,194 120,478 3,337,370 2,763,079 558,910 15,381 3,337,369

43,757 9,191 34,566 176,976 170,604 6,372 220,738 68,335 138,788 13,615 220,733

26,174 5,817 20,357 69,695 69,028 667 95,869 24,196 70,171 1,502 95,869

14,260 4,278 9,982 33,939 32,642 1,297 48,196 17,761 29,983 452 48,199

6,504 803 5,701 3,274 2,842 432 9,780 4,588 5,146 46 9,778

1,476 183 1,293 540 359 181 2,016 631 1,384 1 2,016

1,730 237 1,493 8,295 7,759 536 10,026 8,507 1,517 2 10,025

6,284 696 5,588 6,811 3,273 3,538 13,095 6,584 6,446 65 13,095

2,121 406 1,715 951 600 351 3,073 922 2,139 12 3,072

102,306 21,611 80,695 300,481 287,107 13,374 402,793 131,524 255,574 15,695 402,787

64,786 5,939 58,847 25,521 22,828 2,693 90,308 23,185 53,969 13,154 90,307

6,940 805 6,135 4,352 4,258 94 11,292 478 10,165 649 11,292

3,414 684 2,730 1,865 1,865 0 5,277 227 4,392 658 5,279

7,671 102 7,569 1,143 353 790 8,813 2,044 6,481 288 8,814

2,077 1 2,076 116 98 18 2,192 235 1,883 74 2,193

827 7 820 116 76 40 943 22 921 0 943

313 0 313 143 42 101 456 10 446 0 456

3,398 0 3,398 144 134 10 3,542 256 3,248 38 3,542

89,426 7,538 81,888 33,400 29,654 3,746 122,823 26,457 81,505 14,861 122,826

1) Turnover in nominal or notional principal amounts in April 2009 2） Interbank dealers refers to financial institutions which are participating in interbank market and are treated as such by the respondent. 3） Geographical distinction between "local" and "cross-border" is based on the location of the trading desk of a counterparty. Any transactions with overseas branches or subsidiaries are included in "cross-border". 4）Spot Transaction： Single outright transaction involving the exchange of two currencies at a rate agreed on the date of the contract for value or delivery within two business days. Excluding a leg of foreign exchange swaps. Foreign Exchange Swaps： Contract which commits two counterparties to exchange streams of interest payments in different currencies for an agreed periods of time and to change principal amounts in different currencies at a pre-agreed exchange rate at maturity. Excluding a leg of spot transaction. Outright Forwards： Transaction involving the exchange of two currencies at a rate agreed on the date of the contract for value or delivery at some time in the future (more than two business days later). Including foreign exchange agreement transaction. 　 OTC Options：　Option contract that gives the right to buy or sell a currency with another currency at a specified exchange rate during a specified period. 5）Non-dollar amounts should be converted into USD using exchange rates prevailing on the transaction date. If this is impractical or impossible, data may be reported using average or end-of-period exchange rates. 6） In millions of USD. Data should be rounded to the nearest million USD. 7）In the case of transactions where the first leg has not come due, the remaining maturity is to be determined by the difference between near and far-end dates of the transaction and not by the date of conclusion of the deal.

＜Table 2＞Turnover by Execution Method （In millions of USD）

USD Spot Transaction With Interbank Dealers Voice Broker Electronic Broking Systems (EBS, Reuters Matching) Electronic Trading Systems Residual （Interbank Direct by Telephone or Reuters Conversation) With Other Financial Institutions or Non-Financial Customers Electronic Trading Systems Residual （by Telephone) Total Foreign Exchange Swaps With Interbank Dealers Voice Broker Electronic Broking Systems (EBS, Reuters Matching) Electronic Trading Systems Residual （Interbank Direct by Telephone or Reuters Conversation) With Other Financial Institutions or Non-Financial Customers Electronic Trading Systems Residual （by Telephone) Total Outright Forwards With Interbank Dealers Voice Broker Electronic Broking Systems (EBS, Reuters Matching) Electronic Trading Systems Residual （Interbank Direct by Telephone or Reuters Conversation) With Other Financial Institutions or Non-Financial Customers Electronic Trading Systems Residual （by Telephone) Total OTC Options With Interbank Dealers Voice Broker Electronic Broking Systems (EBS, Reuters Matching) Electronic Trading Systems Residual （Interbank Direct by Telephone or Reuters Conversation) With Other Financial Institutions or Non-Financial Customers Electronic Trading Systems Residual （by Telephone) Total

JPY against EUR

Other

EUR

USD against GBP AUD

Other

Residual Grand Total

610,877 47,362 179,726 293,756 90,033 196,271 62,625 133,646 807,148

112,675 5,787 54,876 23,308 28,704 57,084 24,137 32,947 169,759

60,288 399 3,928 31,780 24,181 49,514 27,391 22,123 109,802

151,976 2,866 60,271 32,641 56,198 48,539 38,892 9,647 200,515

29,818 149 11,197 3,128 15,344 8,338 6,487 1,851 38,156

26,085 1,645 15,427 1,731 7,282 22,085 3,477 18,608 48,170

35,769 845 11,858 3,541 19,525 11,801 5,588 6,213 47,570

45,939 280 8,195 3,733 33,731 7,914 5,522 2,392 53,853

1,073,427 59,333 345,478 393,618 274,998 401,546 174,119 227,427 1,474,973

2,042,844 1,000,131 93,796 27,200 921,717 158,292 18,454 139,838 2,201,136

44,993 27,388 2,328 3,649 11,628 31,734 8,105 23,629 76,727

42,341 399 7,283 26,987 7,672 44,944 15,678 29,266 87,285

268,957 100,889 109,786 3,768 54,514 14,995 4,101 10,894 283,952

69,039 19,570 27,222 1,513 20,734 7,195 1,825 5,370 76,234

325,910 48,759 63,184 803 213,164 11,926 643 11,283 337,836

220,291 22,615 23,205 2,291 172,180 11,403 4,151 7,252 231,694

40,318 2,850 31,277 205 5,986 2,181 730 1,451 42,499

3,054,693 1,222,601 358,081 66,416 1,407,595 282,670 53,687 228,983 3,337,363

43,759 4,074 2,198 5,772 31,715 176,976 18,559 158,417 220,735

26,176 417 1,873 1,424 22,462 69,697 14,952 54,745 95,873

14,259 146 686 1,328 12,099 33,941 6,549 27,392 48,200

6,503 790 920 280 4,513 3,273 1,378 1,895 9,776

1,476 242 101 71 1,062 539 227 312 2,015

1,731 98 575 101 957 8,295 192 8,103 10,026

6,283 40 95 391 5,757 6,811 684 6,127 13,094

2,122 341 125 262 1,394 949 226 723 3,071

102,309 6,148 6,573 9,629 79,959 300,481 42,767 257,714 402,790

64,786 37,003 0 455 27,328 25,522 26 25,496 90,308

6,940 2,850 0 0 4,090 4,351 26 4,325 11,291

3,413 1,205 0 0 2,208 1,865 23 1,842 5,278

7,671 3,880 0 0 3,791 1,143 0 1,143 8,814

2,077 1,131 0 0 946 116 0 116 2,193

827 348 0 0 479 116 7 109 943

313 180 0 0 133 143 0 143 456

3,398 1,763 0 0 1,635 144 0 144 3,542

89,425 48,360 0 455 40,610 33,400 82 33,318 122,825

1) Turnover in nominal or notional principal amounts in April 2009 2) Electronic Trading System refers to single-bank and multi-bank trading platforms of e-commerce (e.g.. FXAｌl, FXConnect、Currenex）.

＜Table 3＞ Turnover by Currencies of Asia and other emerging economies （In millions of USD）

HKD Spot Transaction With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border Total Foreign Exchange Swaps With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border Total Outright Forwards With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border Total Non-Deliverable Forwards (as part of Outright Forwards) With Interbank Dealers Local Cross-Border With Other Financial Institutions or Non-Financial Customers Local Cross-Border Total 1) Turnover in nominal or notional principal amounts in April 2009

SGD

TWD

KRW

THB

IDR

INR

MYR

PHP

CNY

BRL

RUB

ZAR

Total

9,348 829 8,519 1,475 1,187 288 10,823

4,663 80 4,583 1,514 721 793 6,177

738 10 728 151 151 0 889

1,261 41 1,220 396 356 40 1,657

642 81 561 331 326 5 973

50 0 50 6 6 0 56

74 5 69 50 50 0 124

199 83 116 17 14 3 216

71 1 70 30 30 0 101

169 48 121 33 33 0 202

214 0 214 175 175 0 389

145 0 145 147 147 0 292

4,032 261 3,771 3,868 2,552 1,316 7,900

21,606 1,439 20,167 8,193 5,748 2,445 29,799

72,126 383 71,743 1,887 1,682 205 74,013

29,033 238 28,795 651 116 535 29,684

0 0 0 0 0 0 0

0 0 0 0 0 0 0

7,451 81 7,370 190 102 88 7,641

139 0 139 1 1 0 140

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

4 0 4 0 0 0 4

13,759 5,525 8,234 4,882 4,726 156 18,641

122,512 6,227 116,285 7,611 6,627 984 130,123

254 66 188 777 770 7 1,031

296 84 212 523 421 102 819

188 16 172 486 13 473 674

2,677 158 2,519 1,213 258 955 3,890

259 47 212 215 210 5 474

128 7 121 143 4 139 271

95 1 94 222 5 217 317

204 7 197 310 35 275 514

101 0 101 201 43 158 302

926 40 886 817 19 798 1,743

223 0 223 130 130 0 353

5 3 2 18 18 0 23

451 54 397 1,243 792 451 1,694

5,807 483 5,324 6,298 2,718 3,580 12,105

0 0 0 0 0 0 0

0 0 0 5 5 0 5

188 16 172 482 9 473 670

2,580 158 2,422 1,092 137 955 3,672

45 0 45 0 0 0 45

85 7 78 143 4 139 228

94 1 93 219 4 215 313

203 7 196 301 30 271 504

101 0 101 138 15 123 239

925 39 886 812 14 798 1,737

208 0 208 24 24 0 232

4 2 2 14 14 0 18

0 0 0 0 0 0 0

4,433 230 4,203 3,230 256 2,974 7,663