Heather McLean
Heather McLean

Regional e-FX Perspective on Australia

Heather McLean investigates the uptake of FX e-commerce services and growth of online FX trading in Australia

Australia has a strong, vibrant foreign exchange market that allows it to stand out in the Asia Pacific region as one of the leading countries in that geographical sector. Vying against rival FX centres, Hong Kong, Singapore and the top of the pack, Tokyo, Australia is standing firm with FX trading volumes and use of the e-channel growing rapidly. FX is traded by a domestically loyal market that is also supportive of overseas banks and technology providers. However, although eFX still has a long way to go in terms of gaining a majority of participants, as the old school continue to pick up the phone, there are signs that e-FX is likely to become far more prevalent. According to Guy Debelle, head of the international department at the Reserve Bank of Australia, at a speech he gave in late 2006 at Insto's Foreign Exchange Conference in Sydney, Australia’s share of global foreign exchange turnover of spot, outright forwards and FX swaps (adjusted for inter-dealer double counting), on a daily average...continued

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