Zöllner: Asset managers are biggest non-bank FX traders

The Botta building in Basel

Professional asset managers were the most significant non-bank market participants behind the surge in foreign exchange volumes in the three years to 2013, pushing interdealer turnover to less than 40% of total volumes, according to an official at the Bank for International Settlements (BIS).

The volume share of non-dealer financial counterparties rose from $1.9 trillion per day in 2010 to $2.8 trillion per day last year, an increase of 48%, which accounted for around two thirds of the rise in

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