Singapore treasuries shift focus from forex to money markets

Singapore''s foreign exchange market declines as treasurers look to exotic products in capital and money markets, an MAS survey reveals.
There has been a shift in treasury activities in Singapore. Foreign exchange markets have been losing their prominence as a source of revenue, as financial institutions shift their focus to money markets and capital markets, according to the results of a survey conducted by the Monetary Authority of Singapore MAS on the1999 treasury activities of all banks, merchant banks and securities houses in Singapore.

According to MAS, the reason for the growth in the significance of capital market activities is due to the increased maturity and sophistication of Asian companies following the crisis. Treasuries have increased the emphasis on risk management activities, resulting in demand for more structured and exotic products.

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